Israel can still bounce back economically if lockdown eases soon, says tax chief

Tax Authority chief Eran Yaakov warns in an interview with Hebrew language website Ynet that the state could lose tens of billions of shekels in tax revenues if the current lockdown continues.

Stating that the state lost NIS 6 billion in tax revenues in March alone, Yaakov warns that worse is yet to come, but strikes an optimistic note saying that if Israel begins to exit the lockdown after Passover, the economy can still return to the strong footing it was on prior to the crisis.

“The crisis came with Israel in a very good state and this has allowed us to deal well with the situation,” Yaakov tells Ynet. “We were in full, historical, employment, and our debt-to-GDP ratio was a very comfortable 60% and that allows us more freedom in helping businesses and bridging their cash flow dificulties.”