Finance Minister Benjamin Netanyahu has approved a recommendation to cut the tax on foreign securities to that levied on Israeli securities from January 2004.
The Israel Securities Authority summoned Bank Leumi chief executive Galia Maor and chairman Eitan Raff to explain the extraordinarily high amounts that the mutual fund Psagot Madadim 120 Corporation raised on its day of launch - a startling NIS 1.7B.
In a few days, the dust will settle and the city streets will be cleaned of posters showing smiling candidates and absurd slogans. When the congratulations die down, and the flowers have withered, maybe the new elected officials will take up their new (plush) offices with the gravity it deserves.
The Income Tax authority has decided not to change the method for the transition between turnover tax, which has applied to financial market activity during 2003, and capital gains tax, which takes effect in January 2004.