An Israeli government committee submits recommendations regarding a proposal to levy a special tax on banks following a surge in profits due to high interest rates.
- Lists reasons both for and against the special tax
- Concludes that if a special tax is adopted, it should be temporary and be levied on earnings that exceed 50% more than the bank’s average profitability during 2018-2022, when interest rates were low
- After the first year, GDP growth or a different index would be factored into the formula in order to take into consideration the bank’s real activity
- NOTE: Nov. 4,
Israel Fin. Minister ...