The Ministry of Finance's "Zero Customs" program is underway
A series of orders to reduce tariffs on a wide range of products - including home furniture and raw materials for industry.
As part of the Ministry of Finance's economic plan to lower the cost of living, a series of orders to cancel customs duties were published today (Mon. 1/3/22) for public comment, among them:
- The abolition of the 12% customs duty on all imported furniture products - in particular beds, sofas, dressers, chairs, cabinets and more. The size of the furniture market in Israel is estimated at 7-8 billion NIS and the abolition of the customs duty is expected to reduce its price to the consumer.
- Abolition of tariffs on a variety of consumer products including medicines and medical products, toilet paper, matches, room fresheners, notebooks and albums, artificial fur, fireworks, insecticides and fungi, wallpaper, handkerchiefs, maps and napkins, envelopes, calendars and coloring books for children.
- In addition, an order to reduce tariffs on products and raw materials for industry such as: various salts, oils, nitrates and phosphates, compounds, fertilizers, pesticides, plastic and its products, various rubber products and dyes and more.
Succeed the current period
This tariff reduction is expected to lower factory costs, increase productivity in the economy and help factories survive the current period.
Along with reducing consumer prices, the "zero duty" program is expected to help open new markets for imports, reduce regulation and increase parallel imports.
Minister of Finance, Avigdor Lieberman:
The "zero duty" program lowers the duty on a long list of products for consumers and industry, which will reduce their price considerably. This step comes in addition to the addition of credit points for working parents and the after-school subsidy - so that the disposable income of working families will increase by thousands of shekels per year. We will continue to strengthen the middle class - the backbone of Israeli society.