Israel will lift import tariffs on furniture
2022-05-13
According to foreign media reports, on April 11, local time, Israeli Finance Minister (avigdor lieberman) signed a decree on lifting tariffs on imported furniture.The decree was finalized after discussions between the Israeli Finance Minister and Economic Minister Ona Barbiwai (orna barbivai) and will take effect in the coming days.When the decree took effect, Israel had completely removed the previous 12 percent import tariff on furniture.Moreover, the statute applies not only to furniture products including seats and armchairs, but also to bedding products including mattresses and blankets.The decree is said to be enacted as part of a plan implemented in Israel to cope with the rising cost of living.The plan involves lifting tariffs on hundreds of goods and opposing market monopolies.Israel's economy grew by 7 percent last year, and its finance ministry expects 4.7% growth in 2022.Israeli Prime Minister Benjamin Bennett has said that one of the biggest challenges facing Israel's economic development is a lack of domestic competition, so measures need to be taken to introduce more internal competition.One of the measures taken against the furniture industry is to exempt from import tariffs.According to statistics, Israel's furniture market value is about 7 billion shekel (about 13.86 billion yuan).Israel's finance ministry said the abolition of furniture import tariffs will help open up new import markets, and the increasing number of furniture imports will help expand the supply and types of furniture products, reduce furniture prices and reduce the national cost of living.
