Israel Chemicals strongly criticises updated Sheshinski tax proposals
Published: Tuesday, 21 October 2014
The strongly-worded statement released by ICL is not just corporate bluster — the proposed tax measures would be some of the most punitive natural resources taxes imposed by a government anywhere in the world. ICL stands to lose substantial proportions of its revenue and will have to cut back significantly on domestic and foreign investment if the taxes are brought in.
Israel Chemicals Ltd. (ICL) has lowered its investment
expectations and has voiced its sustained apprehension over the
updated Sheshinski II Committee tax hike proposals.
Sheshinski II originally proposed a flat rate of 42% on what
it defined as excess profits in the natural
resources extraction sector from 2017 in its...