The amendment, whose final phrasing was finished on Tuesday, will be submitted for cabinet approval this week.
Concentration committee postpones hearings over tycoons' pressure.
Cabinet approves taxation section of Trajtenberg report for socioeconomic change, which includes raising tax on stock market profits, corporations.
The Manufacturers Association and other business groups object to cuts in duties, saying they were worried many companies wouldn't survive the change.
With an Israel engineer costing 4.5 times more than in China, industry in danger of migrating offshore, ECI Telcom's Rafi Maor claims.
Other Osem Group companies will also lower some prices, including those of Tivall's vegetarian corn products and Tzabar hummus and tehina in 500 gram containers.
'The food industry is riddled with monopolies that make the prices of basic items and services significantly higher,' the protesters wrote in a letter to antitrust commissioner.
Taxman fears whole sectors could die.
Israel's strong points are protection of investors and improvements in international trade, but receives low grades for the way it grants building permits and registers property.
Committee charged with finding out what aspects of the supply chain were pushing up food prices.