The Ministry of Finance has published a report on fees in the state budget for July. In accordance with this document, revenues from taxes and fees totaled last month 28.2 billion shekels. Revenues increased due to changes in the legislation by 11% in real terms compared with July last year. Receipts from direct taxes rose by 14%, revenues from indirect taxes increased by 8%.
In the first quarter of 2017 were collected to 1.6 billion shekels in taxes and fees over and above the planned budget. 1.2 billion of this amount is a one — time admission. On this basis, in April forecast tax revenues have been adjusted to 294,5 billion on 297,5 billion shekels.
In accordance with the adjusted forecast, the excess charges direct taxes will amount to NIS 1.8 billion, proceeds from indirect taxes will be 1.4 billion shekels less. In comparison with the original draft budget, the surplus of tax revenue for the first half of 2017 will amount to 2 billion shekels, of which 1.2 billion are one — off receipt received by the Treasury in January.
In the period from January to July of the current year the budget received 176,9 billion shekels compared 168,7 billion in the same period last year. If we exclude changes in legislation, the volume of premiums increased by 6%. Receipts from direct taxes rose by 11%, including due to large one-time contribution in January and increasing income from dividends. In the category of indirect taxation to higher fees did not happen, primarily due to the transfer of car import from the beginning of 2017 to December 2016.
The Ministry of Finance notes that the trend of increasing revenues from taxes and fees goes on: in four and a half years growth has averaged 6%.