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The city of Holon may win the coveted second Ikea outlet after it slashed municipal taxes for businesses.

Holon last week declared that it was slashing municipal property taxes (arnona) for companies by a huge 70% for commercial space and 40% for industrial space.

Businesses will now be paying only NIS 52 per square meter a year, the minimum that the Interior Ministry allows.

The Swedish chain IKEA has one Israeli branch, by the Poleg Intersection outside of Netanya, which has proved enormously successful. The company is currently eyeing five possible sites for a second local outlet.

The five sites are Bilu junction, the Yavne industrial zone, the Holon industrial zone, Bnei Darom junction and Rishon Letzion.

"We are examining several alternative sites for our second store, between Ben-Gurion Airport and Ashdod, and are continuing to check the economic parameters of each alternative," IKEA responded.