Israel wants to lower customs duty on imported olive oil

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Prime Minister Benjamin Netanyahu has ordered Prime Minister’s Office director general Harel Locker to intercede with the Ministry of Finance to lower import taxes on food.

“We can, and should, lower, or even eliminate, import taxes on food,” Netanyahu said in a discussion. “This can be done through an order signed by the Minister of Finance,” although the Finance Minister, who was supposed to have been in the room, did not attend the discussion. “This measure will immediately create competition and lower prices,” Netanyahu explained.

During the cabinet meeting, National Economic Council head Prof. Eugene Kandel reviewed for the ministers possible ways of lowering prices, and presented a plan formulated by the economic team in the Prime Minister’s Office, including a reduction in tariffs on frozen chicken, eggs, milk, fish, honey, daily beverages, yoghurt, soft cheese, olive oil, and butter.

Calculations by the Prime Minister’s Office indicate that the import taxes on these products have made them much more expensive. For example, after the tariffs are reduced, the price of eggs will drop by 30%, honey by 40%, fish by 28%, butter by 41%, and olive oil by 17%.

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