12.11.2015 - Sovereign wealth fund to begin operating in 2017
The decision by the Knesset as part of the Sheshinski 2 bill has surprised the Bank of Israel, which expected the fund to operate from 2020. The target date for putting a sovereign wealth fund into operation has been advanced by three whole years as a result of the anticipated approval by the Knesset of the Sheshinski 2 bill for imposing an excess profits tax on the production of natural resources. In recent months, the Bank of Israel has slowed its preparations for establishing the new fund, under the assumption that it would not be needed before 2020. It now appears, however, that the fund is slated to begin operating in 2017. The Knesset approved the sovereign wealth fund, officially called the Israeli Citizens Fund, in July 2014. The fund is scheduled to go into operation when the cumulative excess profits tax collected by the state reaches NIS 1.2 billion...............................................Full Article: Source
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