Israel and PLO agree economic framework
Saturday 30 April 1994
The main points were:
The two sides will have similar import policies. The nascent Palestinian Authority will be able to import mutually agreed goods at customs rates differing from those prevailing in Israel.
The Palestinian Authority will establish a monetary authority that will regulate banks in areas evacuated by Israel. It will manage foreign currency reserves and oversee foreign exchange transactions.
The two sides will continue to discuss the possibility of a Palestinian currency. Until an accord is reached, the Israeli shekel will remain legal tender in the self-governing areas.
A Palestinian tax authority will conduct its own direct tax policy, including income tax on individuals and corporations, property taxes and municipal rates and fees.
Israel will transfer to the Palestinian Authority 75 per cent of the revenues from income tax collected from Palestinians employed in Israel.
The Palestinian Authority will establish a VAT system similar to that of Israel, which will be set at between 15 and 16 per cent, instead of 17 per cent, as in Israel.
The agreement stipulates that work in Israel is essential for the Palestinians expanding their employment opportunities.
Agricultural produce from the self-governing Palestinian areas will enter Israel freely except for tomatoes, cucumbers, potatoes, eggs and broiler chickens, on which agreed import quotas will exist for five years.
There will be free movement of goods manufactured in the self-governing areas.
The Israeli Foreign Minister, Shimon Peres, said that the period of Palestinian autonomy would be only three years, not five, as scheduled, before a permanent settlement is applied in the occupied territories.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 UK weather: Britain braced for snow as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Bali Nine executions in Indonesia: Death row British grandmother Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
£22000 - £25000 per annum: Recruitment Genius: An IT Installation / Commission...
£16000 - £25000 per annum: Recruitment Genius: You will maximise the effective...
£25000 - £35000 per annum: Recruitment Genius: This Bridgend based software de...
£21000 - £22000 per annum: Recruitment Genius: A specialist retail and brand c...