Israel's Citizens Fund ends 2022 with NIS 4.5b

Published date24 January 2023
Non-finalized levies are collected as advances or withholding during the tax year and their collection is not yet final. After the end of the tax year, according to the amount of the levy that will be calculated in the annual report that will be submitted, the levy becomes, in whole or in part, forfeited

Definitive levies are collected according to annual reports submitted by the owners of the oil and natural resources rights, as well as levies collected following a final assessment.

Long-term economic vision

Each quarter, the Israel Tax Authority transfers the collected levies (finalized and non-finalized) to the Accountant General at the Ministry of Finance. The Accountant General manages the levies for an interim period until they are finalized, and transfers the finalized amount together with the investment profits (or minus the losses from them) to the Sovereign Wealth Fund for the citizens of Israel once a quarter, after they have been converted to foreign currency.

The levies for excess profits from gas and natural resources are collected in accordance with the law on taxation of profits from natural resources. According to this law, the funds received from the levies will be managed in accordance with the provisions of the Israel Sovereign Citizens Fund Law. The purpose of the fund is to manage the state's revenues from the levy on profits from natural...

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