Finance minister slaps extra taxes on luxuries
Higher tariffs on private planes, luxury cars, yachts and other items expected to increase annual revenues by NIS 110 million
Illustrative photo of boats docked at the Tel Aviv marina (photo credit: Moshe Shai/Flash90)
Finance Minister Yair Lapid on Thursday signed a directive that will increase the taxes Israelis pay on luxury items.
Beginning next Sunday, the luxury tax on all-terrain vehicles (ATVs) and sport utility vehicles (SUVs) will rise from 30 percent to 50%.
The directive will also affect large-screen televisions (over 50 inches), private aircraft, yachts, jet skis, furs, antiques and luxury cars worth more than NIS 300,000 ($84,000).
The move is expected to increase annual tax revenues by NIS 110 million ($31 million).
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