Israel approves 2011-2012 budget

JERUSALEM — Israel’s parliament passed a two-year state budget for 2011 and 2012 by a comfortable majority on Wednesday and Prime Minister Benjamin Netanyahu said it included measures to boost economic growth.

By (AFP)

Published: Thu 30 Dec 2010, 9:12 AM

Last updated: Mon 6 Apr 2015, 7:13 AM

In a statement welcoming the 63-33 vote in the 120-seat parliament, Netanyahu’s office said the new budget would levy a maximum 6.0 percent corporation tax on export manufacturers and cut tax rates for other businesses.

The statement did not give any further details on what stimulus measures were included, nor did it give the overall figure adopted in Wednesday evening’s vote, and there were no details immediately available on the parliamentary website.

However, news site Ynet said it was 247 billion shekels (69.2 billion dollars/52.4 billion euros) for 2011 and 259 billion shekels (72.5 billion dollars/54.9 billion euros) for 2012.

Israel has weathered the world economic downturn better than many developed countries.

The Organisation for Economic Cooperation and Development, which welcomed it as a member this year, predicts Israel’s economy will grow by 3.9 percent in 2010, 4.0 percent in 2011 and 4.3 percent in 2012, above the group average.

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