(Globes)."We achieved a surplus of NIS 500 million in July," a senior Ministry of Finance official told "Globes" today. He added that the surplus was very unexpected, since the ministry had projected NIS 15.5 billion in tax revenues for the month, whereas actual revenues reached NIS 17.5 billion. July tax revenues were 18% above the average of NIS 14.8 billion for the period between February 2008 and June 2009.
The higher July tax revenues were due to a jump in consumption, as consumers rushed to buy vehicles and other items ahead of the green taxes, which came into effect on August 2. 18,000 vehicles were delivered in July and dealers also released thousands of cars from customs to register them before the new taxes came into effect.
Sources inform ''Globes'' that indirect tax revenues (including VAT, purchase tax, and customs duties) totaled NIS 10 billion in July, 60% more than the NIS 6.3 billion in June.
The Ministry of Finance cautions that the July tax figures cannot be extrapolated to depict the general economic situation. "We must analyze the data. It's important to understand to what extent the jump in indirect tax revenues was due to higher new car sales, or if this was an increase in regular private consumption. It's premature to talk about a turnaround," said the official.
The higher July tax revenues were due to a jump in consumption, as consumers rushed to buy vehicles and other items ahead of the green taxes, which came into effect on August 2. 18,000 vehicles were delivered in July and dealers also released thousands of cars from customs to register them before the new taxes came into effect.
Sources inform ''Globes'' that indirect tax revenues (including VAT, purchase tax, and customs duties) totaled NIS 10 billion in July, 60% more than the NIS 6.3 billion in June.
The Ministry of Finance cautions that the July tax figures cannot be extrapolated to depict the general economic situation. "We must analyze the data. It's important to understand to what extent the jump in indirect tax revenues was due to higher new car sales, or if this was an increase in regular private consumption. It's premature to talk about a turnaround," said the official.