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Israel Chemicals strongly criticises updated Sheshinski tax proposals

By James Sean Dickson
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...

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