Amiram Barkat
Delek Group will post a $700 million capital gain on the sale of its stake in the offshore gas field.
The state will charge NIS 600 million tax on the $1.1 billion sale of Delek Drilling Limited Partnership's (TASE: DEDR.L) rights in the Tamar natural gas reservoir. The rights are listed in Delek Drilling's books at only $400 million, meaning that the partnership will post a $700 million capital gain on the sale, slated to go ahead tomorrow. The 25% capital gains tax will therefore amount to NIS 600 million at the current exchange rate.
The tax revenue is significant, given the rise in the cumulative deficit over the past 12 months from 2.1% in the early months of the year to 2.4% in May. The deficit was affected by a fairly sharp downturn in revenues from indirect taxes in May, which were 11% less than in May 2016.
