Reaping NIS 11.78 billion in tax savings between 2006 and 2011 under an Israeli government program to encourage capital investment, Teva Pharmaceutical Industries placed first in a list published Tuesday by the Israel Tax Authority of publicly-traded companies benefiting from the tax breaks.
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- Where the Shekel Stops / Teva, Darling of the Nation
- Teva Reveals CEO Paid NIS 14.7m in Total Compensation Last Year
- Knesset Members, Yowling Over Corporate Tax Breaks Is Hypocrisy
Teva was followed by Israel Chemicals (NIS 2.2 billion), Check Point Software Technologies (NIS 1.65 billion), Elbit Systems (NIS 500 million), Oil Refineries (NIS 140 million) and Rafael Advanced Defense Systems (NIS 145 million). Syneron received a tax break of NIS 86 million during one of the years in which the program was in force, while NICE Systems saw NIS 135 million in savings over a two-year span.
The names of privately held companies that received the benefits during the five-year period were not released.
The law was changed in 2011 after the scope of tax benefits granted became clear, and is currently undergoing further changes. The data was revealed after the Globes financial daily petitioned the courts to make the information public.
Finance Minister Yair Lapid is reexamining the benefits granted by the Encouragement of Capital Investment Law, his office said today.