Tuesday January 6, 2015

I've Been Thinking:

Israel Electric Company (IEC) is slowing the flow of electricity to Gaza. They are not shutting off the electricity - just slowing it down. Israel says that Gaza owes them 1.7 billion NIS, which is just about $400 million.

Gaza may get electricity from Israel, but the agreement and the bill go to the Palestinian Authority.

Israel is also with holding $120 million per month of tax money that it owes the Palestinian Authority.

According to a treaty between Israel and the Palestinians, all Palestinian imports that come into Israel are taxed by Israel and at the end of the month Israel is supposed to hand over the tax money to the PA.

Once the Palestinians decided to join the international criminal court -- Israel decided that as of January 1, 2015 they would not be handing over the tax money.

Several times a year, as a form of punishment for various transgressions, Israel decides to withhold the taxes for a few weeks, and then, a few weeks later, they deliver the money.

In this case as in others, after a few days or weeks Israel will hand over the tax money. But Israel will probably keep some of the money back to defray the 1.7 billion shekels that is owed to the Israel Electric Company.

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