BUSINESS Tax Revenues Climb In Israel M I STE It STU(' K MONT BLANC o THE ART OF WRITING 32940 Middlebelt Rd. (Corner of 14 Mile in the Broadway Plaza) 855-1730 Open: Mon - Fri: 10 to 6 Thurs: 10 to 7:30 Sat 10 to 5 JEWELERS INC. Breathtaking Jett/elm( __Astonishing Price '49=11ton your joy is our joy we make your trip a good experience we look forward to planning your travels / "corporate and leisure specialists since 1958" 41:141SIONSIA.me, American Classics The '50s gave birth to a wide range of classics. from tail fins to rock & roll. One of the design triumphs of the period was the Hamilton Ventura—introduced in 1957 as the world's first electric watch. lbday's Ventura. an exquisitely crafted re-creation of the original, has been updated with a state-of-the-art quartz movement. Hamilton. Designing American classics for 100 years. Dion 's World of Watches first center building • suite 115 26955 northwestern highway southfield, michigan 48034 phone: 313 / 262-1560 fax: 313 / 262-1575 '171(' Ilanriflun Ventura. 1957 "The Store To Watch" 4301 Orchard Lake Road Inside Crosswinds Mall (Corner of Lone Pine) 539-1181 Hours: Mon.-Wed. 10-6, Thurs. & Fri. 10-9, Sat. 10- 6 The Bright Idea: Give a Gift Subscription 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.