BoI: Without tax hike, state deficit will hit 4.9%

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14.02.2013                      04.Adar. 5773

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BoI: Without tax hike, state deficit will hit 4.9%

Even with spending cuts set to the legal level, the government will not bring in enough revenue to keep the deficit under the 3% target.

If the government does not cut expenditures to legal levels and raise revenues by NIS 7.5 billion, the budget deficit will hit 4.9 percent of GDP in 2013, according to new projections the Bank of Israel released on Wednesday….