Israel delays launch of sovereign wealth fund
Revenue from natural gas and mining has not yet reached target, tax authority says
Israel’s government said it will delay the establishment of a sovereign wealth fund until 2022.
The Israel Tax Authority announced the postponement on July 5, citing insufficient revenue from the natural resource taxes that will be used to finance the fund. The 2014 law establishing the fund said it would only become operational when the proceeds from two super-profits taxes equals 1 billion shekels ($305.4 million).
As of June 30, 2021, the Israeli government had collected only 741 million
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