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Well just after program, Israel will launch its sovereign prosperity fund this 7 days, when Minister of Finance signs the buy to set up it on June 1. This follows the announcement by Israel Tax Authority head Eran Yaacov that the levies gathered below the Organic Resources Revenue Regulation has exceeded NIS 1 billion.

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Israel’s sovereign wealth fund is intended to include all the revenues that enter the state coffers from the excessive earnings taxes that have been imposed on Israel’s gas fields considering the fact that 2011 (Sheshinski 1), as effectively as the revenues from surplus financial gain taxes imposed on organic source production considering that 2016, like potash, bromine and phosphates (Sheshinski 2).

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The law setting up the sovereign wealth fund was enacted in 2014. The fund is intended to take care of the revenues to optimize the extensive-term interests of Israel’s citizens for generations to occur.

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In accordance to the law, the fund can get started functioning as soon as the NIS 1 billion threshold has been crossed. 12 months after that date, which will be June 1, 2023, the fund can start out distributing up to 3.5% of its revenues every year for social, financial and educational aims according to proposals submitted to the government and subject to acceptance by the fund’s institutions headed by its council.

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The fund has accrued NIS 1.14 billion to day with an added NIS .836 billion in levies gathered from organic resources that have not but been positioned in the fund since they have not nevertheless been element of the companies’ annual reviews. As a result the sovereign prosperity fund would in fact have a complete of NIS 1.950 billion. Most of the dollars to date has arrive from the Tamar gasoline industry.

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Minister of Finance Avigdor Liberman mentioned, “The income is coming back to the citizens. The income from Israel’s organic means should be for the advantage of the citizens and I am delighted that within just a 12 months of developing the government the fund will start to work and tens of hundreds of thousands of shekels will flow again to the community.”

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Published by Globes, Israel company information – en.globes.co.il – on May possibly 30, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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