As of the end of 2022, it had accumulated NIS 2.03 billion, according to a report prepared for the National Wealth Fund Supervisory Commission.
In 2022, the state levied a tax on excess profits from the development of subsoil (the so-called “Sheshinsky tax”) in the amount of 3.28 billion shekels, 2.6 times more than in the entire period before. The total amount of tax revenue since the beginning of the tax collection amounted to 4.54 billion shekels.
However, the collected tax goes to the National Welfare Fund only on the condition that it cannot be disputed, that is, the company agreed with the invoice issued to it by the tax office and paid it, or exhausted the possibilities to challenge it in court and paid it.
Companies take advantage of this by delaying the payment of taxes to the last. In 2021, the Bennett-Lapid government tried to pass a bill to limit the ability of companies to stall for time, but it was blocked by the opposition.
The new coalition is considering using National Wealth Fund funds directly in Israel as an additional source of funds outside the budget, which has caused concern among economists.