Israel Finance Minister Bezalel Smotrich plans to double the value-added tax exemption on personal imports to $150 from $75 as part of a broader effort to curb consumer prices, the ministry says.
- Smotrich plans to sign an order after a 21-day public comment period
- The move is aimed at lowering retail prices in sectors dominated by a small number of companies
- Four companies control roughly 40% of Israel’s clothing and footwear market and prices in Israel are about 28% above the OECD average, according to ministry data
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