Teva Pharmaceutical leads Israeli companies in govt tax breaks

JERUSALEM, July 16 Tue Jul 16, 2013 7:44am EDT

JERUSALEM, July 16 (Reuters) - Teva Pharmaceutical Industries, Israel's largest company, reaped nearly 12 billion shekels ($3.3 billion) in government tax breaks between 2006 and 2011 as part of a programme to encourage capital investment, the Tax Authority said on Tuesday.

Teva, the world's largest generic drugmaker, led the list of companies receiving annual tax breaks at 11.78 billion shekels, followed by Israel Chemicals at 2.2 billion and Check Point Software Technologies at 1.65 billion, the authority said.

They were among many others who received state tax benefits.

Such figures have been published in Israeli newspapers, fuelling outrage from politicians and the public who believe that the government should not be doling out tax breaks when the budget faces a large deficit that will be closed by spending cuts and tax hikes.

In response to the list of companies receiving benefits, the Finance Ministry said they were approved by the government.

"These benefits are being re-examined by Finance Minister Yair Lapid with a goal of updating and adapting them to the needs and economic reality," the ministry said in a statement.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.