Tel Aviv [Israel], November 27 (ANI/TPS): Israel’s Finance Minister Bezalel Smotrich expanded the exemption from VAT on personal imports to a value of up to USD 150, up from the current limit of USD 75.
The Minister said he took this step as part of the fight against the cost of living. The Minister has decided to dramatically expand.
Also Read | Nepal Gen Z Protest: Youths and UML Led by KP Sharma Oli Cadres Clash in Dhangadhi; 2nd Incident of Violence Within a Week.
“The Israeli consumer cannot be held captive by tycoons who control the economy,” said Smotrich.
According to estimates, four large companies in the clothing and footwear sector in Israel together hold approximately 40 per cent of the market share in this sector and, in effect, set a price ceiling. High and unjustified for all households.
Also Read | ‘Arunachal Pradesh Is an Integral and Inalienable Part of India, No Amount of Denial Will Change This Indisputable Reality’: MEA on China’s Claim.
According to data from the Ministry of Finance, the purchasing power of Israeli citizens is lower than that of most European countries, with Israel ranked 22nd out of 38 countries. The reason for this is an expensive price level that reduces the purchasing power of citizens in Israel. (ANI/TPS)
(The above story is verified and authored by ANI staff, ANI is South Asia’s leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)
