Govt Financial Act Won't Include Diamond Sector Tax

October

2016

Omitting diamond industry tax regulations from the Financial Arrangements Act which is part of the government's budget was done following a request from Israel Diamond Exchange (IDE) President Yoram Dvash, a large number of Ministers and Knesset members who understand the importance of the diamond industry to the economy of Israel.

The Financial Arrangements Act for the years 2017-2018 will not include tax for the diamond sector.

Taxation on international corporations operating in Israel and opening the taxi sector to competition will not be included in the upcoming regulations either. However, tax on ownership of a third property being promoted by Finance Minister Moshe Kahlon is expected to pass the law following agreements achieved recently between the Minister and Knesset Speaker Yuli Edelstein.

Omitting diamond industry tax regulations from the Financial Arrangements Act was done following a request from Israel Diamond Exchange (IDE) President Yoram Dvash and Israel Diamond Manufacturers Association President Kobi Korn to a large number of m inisters and Knesset members who understand the importance of the diamond industry to the Israel i economy.

In recent months, President Dvash and other heads of the diamond sector brought about moves to lead to an in-depth discussion in the Knesset Finance Committee meeting on industry sector credit and the Financial Arrangements Act . The meeting was due to be held a few weeks ago, but it was postponed due to the death of former President of Israel Shimon Peres.

IDE President Yoram Dvash said: "Members of the Knesset and ministers understand how important and significant the diamond industry is not only for Israel's exports but also the livelihood of more than 20,000 families and households. Soon, a new date will be set for holding this important meeting in the Knesset and we will update diamond industry members on the outcome."