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FINANCIAL NEWS
Palestine retracts plan to raise taxes
12 Sep 2012
(MENAFN) Palestinian Prime Minister, Salam Fayyad, announced that the Palestinian Authority (AP) will retract a decision to raise taxes, reported Arabian Business.
The move comes as thousands went to streets to protest the Authority’s decision, which was announced last week, to increase fuel and diesel taxes.
The recent move terminated most but not all of the fuel price hikes of nearly 5 percent executed early this month, a decision along with a VAT increase which helped start the unrest.
It is worth noting that the Authority is suffering from a slowdown in foreign financial donations and sustained Israeli trade restrictions, in addition to a jobless rate that exceeded 40 percent amongst the youth.
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