According to foreign media reports, on April 11, local time, Israeli Finance Minister Avigdor Lieberman (Avigdor Lieberman) signed a decree on the cancellation of tariffs on imported furniture.
The decree was finalized after discussions between Israel's Finance Minister and Minister of Economy and Industry, Orna Barbivai, and will take effect in the next few days.
Israeli Finance Minister Avigdor Lieberman
After the decree takes effect, it means that Israel will completely cancel the previous 12% import tariff on furniture. In addition, the decree applies not only to furniture products including seats and armchairs but also to bedding including mattresses and blankets.
The decree is said to be part of a plan implemented by Israel to combat rising living costs. The plan involves removing tariffs on hundreds of goods, opposing market monopolies, and more.
Last year, Israel’s economy grew by 7 percent, and its finance ministry forecasts 4.7 percent growth in 2022. Israeli Prime Minister Bennett once said that one of the biggest challenges facing Israel's economic development is the lack of domestic competition, so measures must be taken to introduce more internal competition.
One of the measures taken for the furniture industry is the exemption of import duties. According to statistics, the furniture market in Israel is worth about 7 billion shekels (about 13.86 billion yuan).
The Israeli Ministry of Finance stated that the abolition of import tariffs on furniture, will help to open up new import markets, and the increase in the source countries of furniture imports will help expand the supply of furniture products and types, reduce furniture prices and reduce national living costs.
