Gas companies suffered a setback in the battle over money they are ordered to deposit into a sovereign wealth fund, as a Knesset committee on Monday advanced legislation that would compel them to pay up despite ongoing legal proceedings over the debt.
The companies are engaged in a dispute with authorities over the sums of money they have been ordered to pay into the fund. While proceedings are ongoing, they have been exempted from paying, but an amendment to the 2011 Petroleum Profits Taxation Law seeks to force them to deposit the money regardless of court appeals, and would give tax authorities enforcement tools, such as fines, in the case of nonpayment.
The amendment was approved in a first Knesset reading in March but was stalled by elections later that month.
On Monday, the Knesset Finance Committee gave the go-ahead for its second and third readings.
The legislation is being pushed by Minister of Science and Technology Orit Farkash-Hacohen (Blue and White), with the backing of Finance Minister Avigdor Liberman of Yisrael Beytenu.
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