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1.2.4. Fiscal Developments 10 THE ISRAELI ECONOMY IN 2010 In 2010, the current balance of payments account in the government sector showed a deficit of NIS 23.1 billion – compared with NIS 28.4 billion in 2009. In terms of GDP, this amounted to a 2.8% GDP deficit in 2010, compared with 3.7% in 2009 - representing current income less current expenditure for all public sector bodies: the government, local authorities, national institutions and non-profit organizations which obtain the majority of their funding from the government. The decline in government deficit in 2010 reflects a 9.1% boost in current income, following a 2.3% decline in this component in 2009. The increase in revenue in 2010 reflects an increase in tax collection (mainly income tax). Total income from taxes rose this year by 9.2%, compared with a 2.6% decline in 2009. Government spending rose this year by 6.4%, compared with 5.4% in 2009. Public spending, accounting for 61.9% of overall government expenditure, increased by 6.5% in current prices (3.7% in fixed prices) in 2010. Interest expense on outstanding government debts rose by 6.9%. Transfers from the government sector to private consumption marked a 6.5% rise in 2010, following a 9.3% rise in 2009. In 2010, NIH (National Institutes of Health) allocations accounted for a 7.2% growth out of the transfer increase. The overall balance of payments for the government sector, obtained from summing-up the net balance in the current account and the net balance in the capital account, reflects a GDP deficit of 4.2% in 2010, compared with 5.3% in 2009. 1.2.5. Balance of Payments 2010 marked an increase of 18.56% in exported goods and services, after a decline of 12.5% in 2009 and 5.9% increase in 2008. Industrial exports (excluding diamonds) rose this year by 23.25%, after declining by 9.2% in the previous year. Income from tourist service exports rose by 27.5%, compared with a 24.3% decline in 2009. Exported services, comprising mainly software and R&D, increased by 4% in 2010, compared with a decline of 10.0% in 2009. Furthermore, 2010 marked a rise of 6.3% in agricultural exports and of 52.48% in diamond exports. BDO Israel
8 7 6 5 4 3 2 1 0 -1 -2 BDO Israel DOING BUSINESS IN ISRAEL Imported goods and services increased by 20.44%, compared with a 14.1% decrease in 2009 and 2.4% increase in 2008. Imports (excluding defense equipment, ships, airplanes and diamonds) increased by 9.4%, after a 12.3% decrease in 2009 and a 7.2% growth in 2008. The year 2010 marked a current account surplus on trade in goods and services (excluding defense imports) totaling $6.6 billion, compared with $6.5 billion surplus in 2009. The final account, including goods and services (and defense equipment), income from work, capital and current transfers from abroad, showed this year a surplus reserve of $6.9 billion, compared with $7.6 billion during the previous year. The current account surplus for 2010 comprised 3.2% of GDP, compared with 3.9% in 2009. The following diagrams illustrate the composition of Israel’s international trade: Source: Central Bureau of Statistics Israel, Monthly Bulletin of Statistics, January 2011. Inflation Rates Source: Bank of Israel, January 2011. 11
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60 ACCOUNTING AND AUDITING PERSPECT
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106 TAXATION Under the recent tax r
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108 TAXATION (d) More than 50% of o
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110 TAXATION 8.2.2.6. Dividends Rec
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112 TAXATION (3) Location of fixed
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114 8.2.3.4. Rental Income from Out
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116 TAXATION "Accommodating Year”
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118 TAXATION "Privileged Securities
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120 TAXATION 8.2.4.3. Tax exemption
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8.3.4. Sale of Stocks 122 TAXATION
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124 TAXATION 8.3.7.3. Setting-off C
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126 TAXATION ♦ According to the r
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8.5. TAXATION OF TRUSTS 128 TAXATIO
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8.6.1. Definitions: 130 ♦ Israeli
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132 5) Certain services rendered to
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8.8.6. Real Estate Companies 134 TA
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8.10. TAX TREATIES 136 TAXATION As
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138 Dividends % Interest % TAXATION
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140 FOREIGN EXCHANGE CONTROL AND PR
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10.3. ISRAEL LAND ADMINISTRATION OF
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11.2. KEY FIGURES FOR DECEMBER 31,
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Example A NIS Example B NIS APPENDI
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APPENDIX 2 Industrial enterprises m
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Ministry of Justice 29 Tsalch Adin
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Israel - US Binational Industrial R
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BRAZIL Embassy of Israel S.E.S Av.
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ECUADOR Embassy of Israel Av. La Co
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IVORY COAST (COTE D’IVOIRE) Embas
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PANAMA Embassy of Israel Edificio P
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THAILAND Embassy of Israel Ocean To
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REPUBLIC OF THE FIJI ISLANDS Embass
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