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Israel Chemicals could be hit by high windfall profits tax on exploitation of natural resources

4:17 PM MDT | May 19, 2014 | Natasha Alperowicz

Israel’s natural resource firms, notably Israel Chemicals (ICL), could be hit by a 42% windfall profits tax, expected to raise 500 million Israeli shekels ($144.5 million)/year. This was the recommendation of a report from a government-appointed committee set up last year to examine fiscal policies on the exploitation of natural resources. The committee, chaired by Eytan Sheshinski, Emeritus Professor of public finance at the Hebrew University of Jerusalem, cited a study it commissioned from the International Monetary Fund that concluded that Israel’s...

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