Prime Minister Binyamin Netanyahu and Finance Minister Dr. Yuval Shteinitz on Monday canceled the scheduled 1% income tax increase for monthly earners ranging from 8,881-14,000 NIS. The two senior ministers agreed to a request form Knesset Labor, Welfare & Health Committee Chair Chaim Katz.

It was further decided that the following tax brackets will be updated as follows: 14,400 NIS bracket will be lowered to 14,000 NIS, and the 21,800 NIS bracket will be lowered to 20,000 NIS.

(YWN – Israel Desk, Jerusalem)