Israel Reaches Agreement With Banks on Excess Taxes: Minister

Israel’s Finance Ministry has reached an agreement with the commercial banks regarding taxes, Finance Minister Bezalel Smotrich says on X.

• The banks will transfer 3b shekels to the state coffers in 2026, Smotrich says
• NOTE: The agreement will apparently replace a government draft law that would have imposed an excess profits tax on the banks for a period of five years
  • The excess profits tax would have amounted to about 1.5b shekels a year, or 7.5b shekels in total, Globes news website says
• NOTE: Israel Proposes 15% Tax on Banks’ Excess Profits Until 2030

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