The cost of living: Smotrich signed orders to extend the validity of the tax reduction on coal

Finance Minister Bezalel Smotrich signed orders today (Monday) extending the validity of the tax reduction on coal until the end of 2023. The extension of the validity of the tax reduction is intended to preserve its moderating effect on electricity rates.

The excise tax and the purchase tax applicable to coal were reduced in 2022 from 105.40 NIS per ton to 1 NIS per ton, with a temporary order that will be in effect until February 12, 2023, in order to moderate the increase in the electricity tariff. The orders that entered into force today extend the validity of the reduction until the end of 2023, in order to preserve the recession in the electricity tariff increase.

Minister of Finance, Bezalel Smotrich: “We made a commitment and are keeping it – the fight against the cost of living is on all fronts. Since I entered the Ministry of Finance, I spend nights and days in learning and deepening. The first steps to mitigate the increase in electricity, water and property taxes are already being implemented, and at the same time we are working on a responsible and growth-oriented budget and infrastructure with very significant news for the citizens of Israel.”

Bezalel Smotrich - Knesset Plenum
Photo: Knesset spokeswoman, Noam Moshkovich

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