The 2024 State Budget

Prepare Your Wallet: The Treasury's New Decrees for 2024

Additional taxation on fuel and natural gas, which will also impact electricity prices, increased taxation on tobacco products and cigarettes, and a substantial cut in the medication basket - All are part of the Treasury's efforts to cope with the costs of the war.

Bezalel Smotrich, Finance Minister of Israel. (Photo: Noam Revkin-Fenton, Flash90 )

The war continues in the South and the North, and the costs keep rising. The Iron Swords War will go down in Israel's history as the most expensive, with costs now exceeding 200 billion shekels. These expenses demand changes, cuts, and new tax measures in the country's budget for the new fiscal year that has just begun.

This morning (Wednesday), the Treasury released a new booklet outlining proposals for cuts and changes to the 2024 budget with the aim of increasing revenue and reducing state expenditures. Among the proposed measures is an additional tax on fuels, including fuel alternatives, natural gas, and coal, which may raise electricity tariffs. There is also a suggestion to cut over 100 million shekels from the medication basket. Canceling rental assistance for some new immigrants to Israel, a tax on tobacco products and cigarettes, and abolishing the VAT exemption on dairy-free diets are also part of the proposal.

Government offices are also included in the Treasury's proposal. A broad cut in the government offices' budget, reducing redundancies in office work, reducing the number of ambassadors and foreign representations of the Foreign Ministry, cutting plans for the Arab sector, abolishing the Negev Development Authority and the Galilee Development Authority, canceling the Idan Plus service, and deferring several infrastructure-related projects are among the proposed measures.

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