The Bank of Israel, responsible for the creation of a national Fund for the accumulation of excess revenues from the extraction of natural gas and other mineral resources, has temporarily suspended participation in its creation.
As reported by «Globes», according to experts of the Central Bank, at the moment this work is irrelevant, as the statutory minimum capital of 1 billion shekels accumulated no earlier than 2020.
We will remind that earlier the launch of the Fund expected in 2018, and according to optimistic forecasts, in 2017. The latest projections have talked about 2019. The reason for the delay is the protracted struggle to change the regulation of the gas industry.
It should be noted that the Fund will receive only the taxes in excess of the excise tax at the rate of 12.5%, which the state charges in any way with the production of gas(with other types of minerals – 5%) regardless of the profitability of gas producing companies.