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EURO / ISRAELI NEW SHEKEL (EUR/ILS)

Real-time  -  12:47:34 2020-07-28 pm EDT
4.0013 ILS   -0.36%
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Israel cancels customs duties on South Korean industrial imports

12/04/2022 | 09:44am EST
Israeli Finance Minister Avigdor Lieberman speaks to members of the media at the weekly cabinet meeting in Jerusalem

JERUSALEM (Reuters) - Israel's finance minister on Sunday signed an order to eliminate customs duties on agricultural and industrial imports from South Korea, including on cars, as a new free trade agreement between the countries took effect.

Finance Minister Avigdor Lieberman made the change, which will result in the end of a 7% customs duty imposed on South Korean auto imports and a 12% customs duty on air conditioners, after the free trade agreement was ratified in March, according to Israel's Tax Authority.

Israel, it said, will lose as much as 225 million shekels ($66 million) a year in tax revenue as a result of the customs reduction.

($1 = 3.3955 shekels)

(Reporting by Steven Scheer; Editing by Ari Rabinovitch)


ę Reuters 2022
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