Israel finance minister seeks to curb corporate tax benefits

May 11, 2013 7:17 PM

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Israel finance minister seeks to curb corporate tax benefits

"The time has come to change the rules of the game regarding non-taxable profits of international companies and tax benefits," Yair Lapid told Jeremy Levin, the chief executive officer of Israel-based Teva Pharmaceutical Industries (TEVA.TA) (TEVA.N), according to a statement.

Lapid, already feeling heat from the public for introducing new austerity measures, is looking for ways to fill a ballooning hole in Israel's 2013 budget. The government set a deficit target of 4.65 percent of gross domestic product in 2013, or about 47 billion shekels ($13 billion).

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