GREAT RATE!
°
An Elite Deal
For The CIS
Elite Industries of Israel an-
nounced it has established a sub-
sidiary to market and distribute
the company's products in the
Commonwealth of Independent
States (CIS).
Elite CIS also will distribute
and market other food compa-
nies' products in the CIS.
Shimon Forman, who cur-
rently heads Elite's Eastern Eu-
rope export division, was
appointed general manager of
Elite CIS.
Tax Has
Become Burden
Israel Finance Minister Avra-
ham Shohat and the Knesset Fi-
nance Committee must have a
comprehensive discussion on low-
ering the tax burden before the
1996 budget is drawn up, the
committee's subcommittee on
taxes recommended.
"We have exceeded the limits
of the reasonable with respect to
the tax burden as a proportion of
GNP," said subcommittee chair-
man Avraham Poraz (Meretz).
"This situation is unhealthy. It
hurts growth and creates tax eva-
sion. We must cause the tax bur-
den to decline to 38 percent of
GNP in the 1996 budget.
"In other words, there must be
a real decrease in government ex-
penditures of NIS 6 billion."
Currently, according to state
revenues director Yoram Gabbai,
Israel's tax burden is 41 percent
of GNP compared to 36-37 per-
cent in most of Western Europe
and 31 percent in the United
States and Japan.
Group Buys
Eilat Hotel
The Club Hotels group, headed
by Nissan Khakshouri of
Switzerland and Israeli investors
Nissim Yaniv and Moshe Bublil,
has bought Eilat's Club-In Hotel
for $18 million.
The hotel has 180 three-room
units. It formerly was managed
by Hilton International.
Club Hotels, a time-sharing
company, also owns the recently
renovated Club Hotel Tiberias
and Club Hotel Eilat, which is
still under construction.
It is linked with time-sharing
exchange companies Interval In-
ternational and RCI.
Mr. Bublil stressed that his
company intends to fulfill all com-
mitments made to the 600 fami-
lies who own Club-In time-
sharing units.
He said Club Hotels also in-
tends to invest another $2 million
for renovations and expansion.
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