TEL AVIV, Sept 11 (Reuters) - Israel’s stock market needs to become a for-profit exchange while the capital gains tax should be reduced to boost trading volumes, the country’s securities regulator said.
The Israel Securities Authority (ISA) believes the Tel Aviv Stock Exchange is “drying up” since volumes have been cut in half since 2010.
A panel appointed by the ISA on Wednesday presented its interim report on boosting volumes and among the 20 recommendations, turning the exchange into for-profit and lowering the capital gains tax to 15 percent from 25 percent are the most important, ISA Chairman Shmuel Hauser said.
Other recommendations include studying the viability of trading on Fridays rather than Sundays, trading foreign currency and launching new financial products. (Reporting by Steven Scheer)