The Nationwide Sources Administration within the Ministry of Vitality and Infrastructure revealed its income report right this moment for the primary half of 2024. Income from pure gasoline, minerals, and aggregates royalties within the first half of 2024 was NIS 1.175 billion, up 12% from NIS 1.044 billion within the first half of 2023. A lot of the income – NIS 1.133 billion was from pure gasoline royalties, up 12.5% from the corresponding interval final 12 months.
The rise in royalties was because of a rise within the quantity of manufacturing of pure gasoline for export, a rise within the quantity of manufacturing of hydrocarbon liquids, in addition to a rise within the alternate fee of the greenback. The overall revenues from royalties from exports was about NIS 687 million (60.66% of the royalties).
The largest quantity of royalties was from Leviathan
The state’s revenues from pure gasoline has three parts: the primary, royalties at a fee of about 12.5%, set in line with the Petroleum Legislation from the second manufacturing begins within the reservoir. Administration of the gathering and management of royalties is carried out within the royalties division of the ministry, and the funds are transferred on to the state treasury. The second, company tax (earnings tax) at a fee of 23% of the revenue, is about in line with the Earnings Tax Ordinance and administered by the Tax Authority – additionally it is transferred on to the state treasury. The third, revenue tax from pure sources (Sheshinski tax), at a fee of 20%-46.8%, after a return on funding of 150%. It is a particular tax established following the Sheshinski Committee report, and is run by the Tax Authority and transferred to the sovereign wealth fund managed by the Financial institution of Israel.
The figures present, as anticipated, that the most important revenues got here from the Leviathan reservoir: about NIS 503 million from manufacturing of about 5.47 BCM – up 4.3% from the corresponding interval final 12 months. A lot of the revenues from Leviathan royalties got here from exports (about 88.76%). On the identical time, the royalties collected from the Tamar reservoir totaled about NIS 382 million from manufacturing of about 4.9 BCM – a rise of solely 0.6% from the corresponding interval final 12 months.
Royalties collected from the Karish reservoir totaled about NIS 248 million, from manufacturing of about 2.77 BCM of pure gasoline and 1.821 million barrels of hydrocarbon liquids, up about 70%, from revenues in the identical interval final 12 months, because of elevated manufacturing.
Printed by Globes, Israel enterprise information – en.globes.co.il – on September 15, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
