BUSINESS
Tax Revenues
Climb In Israel
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THE JEWISH NEWS
Israeli tax revenues went up
five percent last year to 59 bil-
lion shekels compared to 1992,
as imports and consumption in-
creased at twice the growth rate
of the economy.
Excluding legislative
changes made since the begin-
ning of last year, which result-
ed in a net revenue loss of 800
million shekels, tax revenues
grew 7 percent, twice the rate
of the Gross Domestic Product
(GDP). The increase reflected
the rapid growth in consump-
tion and imports as well as im-
proved tax collection, the Israeli
Treasury reported.
Revenues from income taxes
totaled 30.5 billion shekels last
year, an 11 percent increase
from 1992. This growth was
more than twice the rise in na-
tional income, which increased
by less than 5 percent.
By contrast, revenues from
customs and the Value Added
Tax (VAT) fell 1 percent. The
drop was attributed to the 1 per-
cent cut in the VAT rate to 17
percent and the elimination of
the import levy, the travel tax,
and the levy on imported ser-
vices: Excluding those legisla-
tive changes, tax collection rose
by 7 percent, or at about the
same rate as private consump-
tion and imports.
VAT collection figures in the
last few months of 1993 show a
trend of expanded economic ac-
tivity, the Treasury reported.
VAT receipts are considered a
good indicator of economic ac-
tivity.
Fieldcrest, Kitan
Sign Agreement
Fieldcrest Cannon has signed
a $26 million exclusive distri-
bution agreement with Kitan of
Israel to sell its bedding in the
United States.
Fieldcrest is among the three
leading textile companies in the
United States, with annual
sales of about $1.2 billion.
According to a new six-year
agreement, Fieldcrest will dis-
tribute Kitan's colorful bedware
under the Colorcot name. It will
be sold in the United States,
Canada and Fieldcrest sale cen-
ters in South America.
Kitan said its Colorcot bed-
ware series is an Israeli inno-
vation which has received a
great deal of interest on the in-
ternational textile market.
Kitan's deal with Fieldcrest
is its second strategic agree-
ment with an American com-
pany.
Crown Craft has distributed
Kitan's Royal Sateen series for
four years in the United States.