Israeli Finance Minister announces record tariff cancellation program

Israeli Finance Minister announces record tariff cancellation program

The Israeli Finance Minister Moshe Kahlon has swept away customs and purchase taxes valued at NIS800 million, in a move described as the ‘largest tariff cancellation program to take place in the State of Israel since the 1990s’, according to a report published by The Times of Israel. 

Customs payments will be slashed from 12 percent to zero on cosmetics, which includes shampoos, hair products, sunscreens and deodorants.

To prevent manufacturers taking advantage of the lack of duties and raising prices, the Finance Minister is said to be planning to anchor them with a temporary order until the end of next year.

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