Tax Collections Climb in September

Tax collections in Israel were up 13 percent in September 2016 over the amount collected in that same month a year earlier, the Tax Authority has reported. The increase was part of an overall increase in tax revenues that has been ongoing for the past several years, as the state finds itself with significantly more money than it expected from tax collections.

So far this year, the amount of extra tax money collected was NIS 6 billion, NIS 4 billion of which was collected between January and June. In September, a total of NIS 25.3 billion was collected, while through September tax collections totaled NIS 316 billion.

At least part of the money has been going towards funding deficit spending. In September, the government spent NIS 800 million more than it had “earned,” for a total outlay of NIS 6.1 billion over its actual budget – almost exactly as much as has been collected in extra payments. The total state budget for 2016 was set at NIS 35 billion.