July tax revenues hit highest level in two years

July tax revenues totaled NIS 18.1 billion, up 7% from the NIS 16.9 billion in July 2008
 
Figures released last week by Israel Tax Authority show that tax revenues rose in July to their highest level in two years.
 
The state showed a NIS 400 million surplus for the month, the first monthly surplus this year. July tax revenues totaled NIS 18.1 billion, up 7% from the NIS 16.9 billion in July 2008.
 
Israel Tax Authority said in a statement that the main reason for the revenue gain was the increased revenue from indirect taxes, mostly Value Added Tax, which rose by 1% to 16.5% on July 1.
 
The Tax Authority also noted that indirect tax collection hit an all-time record of NIS 10.2 billion last month, NIS 4 billion more than the average for such taxes so far this year.