01.08.2012 13.Aw. 5772
Steinitz decides to delay implementation of tax hike to give businesses time to prepare.
Finance Minister Yuval Steinitz decided Tuesday to postpone the one percent rise in value-added tax by a month, following consultation with Knesset Finance Committee chairman Moshe Gafni.
VAT was supposed to rise from 16 to 17 percent on Wednesday, August 1, but the increase will now be implemented on September 1 in order to allow businesses time to prepare, the Treasury said….