Purchase tax exemption on home entertainment systems to be revoked

The purchase tax generates around NIS 500 million annually
 
The Israeli Ministry of Finance announced it will cancel the purchase tax exemption on home entertainment systems, including televisions and DVDs before the exemption was due to come into effect next October.
 
The purchase tax on home entertainment systems generates around NIS 500 million annually.
 
The Ministry of Finance has decided that it is not worthwhile foregoing this revenue, and is therefore cancelling the exemption, even before it was due to take effect.
 
Earlier this month, Minister of Finance Yuval Steinitz signed a directive cutting customs duties on hundreds of electronic consumer products, ranging from vacuum cleaners to microwave ovens in order to increase competition and lower the cost of living.