2015 has opened with a large fiscal surplus, according to figures released by the Ministry of Finance this morning. January saw a surplus of NIS 5.3 billion on the government's budgetary activity. The Ministry of Finance points out however that fiscal surpluses are characteristic of January because of low seasonal spending and high seasonal tax receipts.
Tax collection totaled NIS 25.4 billion in January, 2.3% more than in the same month last year. Expenditure totaled NIS 20.6 billion, consisting of NIS 15.6 billion spent by government ministries and NIS 5 billion in interest payments.
It should be recalled that until a new government is formed and a budget is passed for 2015, the government operates under the 2014 budget and can spend one twelfth of that budget monthly.
The Ministry of Finance says that trend figures for the past few months indicate steady growth in tax receipts at an annual rate of 4-5%.
Tax receipts from the capital market totaled NIS 338 million in January, 18.3% more than in January 2014. Receipts from real estate taxation totaled NIS 789 million, 12.6% more than in January 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2015
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