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The Palestinians had planned for foreign aid of about $1 billion in 2011, but Fayyad said just under $750 million had arrived.
Financial support from the United States, the European Union and Arab states allows the PA to pay the salaries of the public workers, including teachers and security forces.
However, the United States abruptly cut off funding last year after Abbas made a bid for recognition of Palestinian statehood at the United Nations.
Officials say more than $150 million of U.S. aid is frozen. The U.N. statehood bid has ground to a halt, with the Palestinians failing to get enough backing to secure a vote in the Security Council.
Prime Minister Salam Fayyad said earlier this month that the Palestinian Authority was planning to double the income tax rate to 30 percent as part of efforts to cut the budget deficit to $750 million in 2012, from $1.1 billion a year earlier.
"He (Fayyad) will ask the ministerial council at its next meeting on Tuesday to suspend collection of tax advances set on the basis of the new tax bracket," Fayyad's office said in a statement.
The Western-backed Fayyad sparked protests in various parts of the West Bank when he announced plans to double income tax on high earners from 15 percent, while more companies and other entities would have to pay tax on their operations.