You are in overdraft, the state is in plus: high tax revenues in August

Made a jackpot: the state's tax revenues in August amounted to NIS 33.9 billion.

The accumulated budget surplus in the last year is about NIS 10 billion, but in August a deficit of NIS 1 billion was recorded, however, since the beginning of the year a surplus of about 4.33 billion has been measured

Walla!

Of money

08/09/2022

Thursday, September 8, 2022, 1:31 p.m

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You can say that the system is working (Photo: Flash 90, Olivier Fitosi)

The state's revenues from tax collection last August amounted to 33.9 billion shekels, according to a notice that the Ministry of Finance publishes today (Thursday).

It also appears from the Ministry of Finance's announcement that the state's income from tax collection decreased by one percent compared to the corresponding period last year.

According to the Treasury, cumulatively in the months of January - August 2022, the state's revenues amounted to NIS 298.6 billion compared to NIS 250.4 billion in the corresponding period last year.

At uniform tax rates, tax revenues increased by 13%.

Revenues from direct taxes increased by 20%, revenues from indirect taxes increased by 5% and revenues from fees increased by 6%.

In contrast, the government's expenditures since the beginning of the year amounted to approximately NIS 282.2 billion, of which approximately NIS 5.8 billion were spent on the economic aid program to deal with the Corona crisis.

These expenses reflect a decrease of about 9% compared to the corresponding period last year in which high expenses were recorded for the financial aid program.

Collection from direct taxes increased by 7% compared to last year.

Collection from indirect taxes decreased by 12% compared to August 2021 and collection from fees decreased by 6%.

The decrease in indirect tax revenues is due to high revenues in August 2021, partly due to high consumption in Israel as a result of restrictions on exports and as a result of relatively high vehicle imports.

Comparing the revenues from indirect taxes in August 2022 to August 2019, the pre-Corona period, this is a real increase of 5% on average per year.

Another interesting figure that emerges from the announcement that the Ministry of Finance publishes is that there was a 5% increase in tax collection from the beginning of 2019 until January 2020. However, the upward trend was interrupted in March 2020 with the outbreak of the Corona crisis, but was resumed at the end of 2020 and from then until June 2022 The collection increased at a faster rate than usual.

The collection data for the months of July-August 2022 indicate a moderation in the growth rate, but it is too early to determine a change in the trend.

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• Income Tax