Israel’s Sovereign Wealth Fund to Open its Doors on June 1, 2022

Posted on 05/30/2022

Israel’s Finance Ministry and Tax Authority disclosed that the sovereign wealth fund can begin operations on June 1, 2022. This is because taxes on profits from natural gas and other resources have passed the 1 billion shekel minimum amount. The Israel Citizens Fund has been slowly amassing capital from windfall profit taxes. Israel’s parliament voted to create Israel’s first sovereign wealth fund in 2014 to invest surplus tax revenue. The revenue was from the newly discovered off-shore natural-gas fields in the eastern Mediterranean Sea.

This target has repeatedly been missed due to lower-than-expected tax revenue from the natural gas industry.

Israel’s Finance Ministry said it would transfer to the fund the 1.14 billion shekels (US$ 340,210,200) in levies accumulated to date.

Keywords: Israeli Citizens Fund.

Get News, People, and Transactions, Delivered to Your Inbox