Ministry of Finance (Israel)
Ministry of Finance Headquarters
|Jurisdiction||Government of Israel|
|Headquarters||Finance Ministry Building, Jerusalem
|Annual budget||1.95 billion New Shekel|
|Ministers responsible||Nimrod Sapir,
Minister of Finance
Deputy Minister of Finance
The Israeli Ministry of Finance (Hebrew: מִשְׂרַד הַאוֹצָר, Misrad HaOtzar) is a part of the Israeli political system. It is responsible for planning and implementing the Government of Israel’s overall economic policy.
The Ministry prepares the draft State Budget and monitors implementation of the approved budget, manages state revenues and collects direct and indirect taxes, manages the deficit and conducts the Government’s economic relations with foreign governments, regulates the capital market, savings and insurance and maintains auxiliary units for government ministries in motor vehicles, computer services, printing and government procurement.
Acting Finance Minister is Nimrod Sapir.
The units of the Ministry of Finance may be categorized by the three types of service they provide:
- Government staff services – departments that act on behalf of units and operations of the government: budgeting of government operations (Budget Department), operations of the Accountant General, economic services in the United States, and control and auditing of Finance Ministry operations (Internal Audit Unit).
- General economic staff services – departments that act in matters pertaining to the economy at large: management of state revenues (State Revenue Administration), and regulation of the capital market, insurance, and savings (Capital Market, Insurance, and Savings Department). The Tax Authority implements the Income Tax and Property Tax ordinances, Customs, and VAT.
- Auxiliary services for government ministries – motor-vehicle services (Government Vehicle Administration), computer services for the tax departments (Computer Service), printing (the Government Printer, a business enterprise owned by the Ministry of Finance) and Government Procurement Administration.
Departments and structure
- Budget Department
- The Budget Department (Hebrew: אגף התקציבים, Agaf HaTaktzivim) administers public expenditure and has three main roles:
- Act as a central government unit for planning and budgeting.
- Act as a consulting unit of the Ministry of Finance and the government for general aspects of its decision-making process.
- Elaborate macro-economic policy.
- Capital Market, Insurance, and Savings Department
- The Capital Market, Insurance, and Savings Department supervises insurance and long-term savings market in Israel and is tasked with settling a suitable insurance policy. Among other duties, the department grants licenses and monitors the stability of insurance firms, pension funds, and insurance policies.
- Israel Tax Authority
- The Israel Tax Authority is composed of Income Tax, Land Tax, Customs and VAT authorities, and the Mechanized Processing Service. The Tax Authority is responsible for both direct and indirect tax systems, tax monitoring and public service improvement.
- International Affairs Department
- The International Affairs Department manages the Finance Ministry's contacts with foreign governments, economic organizations and the international community, in collaboration with the Ministry of Foreign Affairs and other economic offices.
- In addition, the department is responsible for publishing English press releases, presentations, documents, instant messages and other data for the Israeli Ministry of Finance's English readers.
- Debt management Unit
- The Government Debt Management Unit (GDMU), is in charge of managing Israel's domestic and external debt and the development and implementation of an overall debt management strategy. The unit is responsible for issuing tradable government bonds in Israel's domestic market and raising capital in international markets; promoting reforms in the Israeli capital market; studying and monitoring global capital markets; providing information to the international rating agencies; cooperating with the Israel Bonds Organization; and managing other countries' debts to Israel through the "Paris Club"
- Economics and Research Department
- The Economics and Research Department collects and analyzes information on economic developments in Israel and abroad and evaluates future developments of the Israeli market. The department's data is used in the formulation of economic policy.
- Accountant General
- The Accountant General's Department implements the state budget, manages state assets, funds the deficit and supervises government debt. In addition, the Accountant General also administers the government vehicle administration, supervises all of the government information and computer systems, and is also responsible for central government procurement.
- Wage and Labor Agreements Department
- The Wage and Labor Agreements Department is responsible for setting and implementing wage policy in the public sector, negotiating on behalf of the government and the public sector with the market, inspection and revision of public administration, and advising the government and the parliament (Knesset) on related issues.
- Government Companies Authority
- The GCA is a professional unit of the Ministry of Finance, which carries out the role of the government as a shareholder in all government companies, which includes privatizations and managing structural changes. The GCA is responsible for the activity of approximately 100 companies, which include commercial and non commercial companies, government subsidiaries and mixed companies.
- State Revenue Division
- State Revenue is an auxiliary division which determines the government's tax policy and tax reforms. The division prepares yearly revenue forecasts for the state's budget, analyzes tax collection data, and studies the implications of various laws and regulations. The division also manages international taxation issues and double-taxation avoidance treaties. The State Revenue Division produces a comprehensive yearly report, runs the tax museum and publishes the Israeli Quarter for Taxes.
- Spokesperson's Office
- The Spokesperson is responsible for the official communications and public relations of the Ministry. Its website contains all Hebrew press releases, presentations, and documents since 1998.
- Holocaust Survivors Rights Authority
- The Holocaust Survivors Rights Authority (Hebrew: הרשות לזכויות ניצולי השואה, HaReshut LiZkhuyot Nitzolei HaSho'a) is in charge of implementing the laws regarding holocaust survivors, granting monthly payments, medical treatments, rehabilitation and welfare services.
- Governmental Printer
- The Governmental Printer (Hebrew: המדפיס הממשלתי, HaMadpis HaMemshalti) is a service unit which provides printing services to governmental institutions. The governmental printer is also in charge for the printing of identity cards and passports, national final exams for schools, stamps, governmental reports, state laws, etc.
List of ministers
|#||Minister||Party||Governments||Term start||Term end||Notes|
|1||Eliezer Kaplan||Mapai||P, 1, 2, 3||14 May 1948||25 June 1952||Died in office|
|2||Levi Eshkol||Mapai||3, 4, 5, 6, 7, 8, 9, 10||25 June 1952||26 June 1963|
|3||Pinchas Sapir||Mapai, Alignment||11, 12, 13||26 June 1963||5 August 1968|
|4||Ze'ev Sherf||Alignment||13, 14||5 August 1968||15 December 1969|
|–||Pinchas Sapir||Alignment||15, 16||15 December 1969||3 June 1974|
|5||Yehoshua Rabinovitz||Alignment||17||3 June 1974||20 June 1977|
|6||Simha Erlich||Likud||18||20 June 1977||7 November 1979|
|7||Yigal Hurvitz||Likud||18||7 November 1979||13 January 1981|
|8||Yoram Aridor||Likud||18, 19||21 January 1981||15 October 1983|
|9||Yigal Cohen-Orgad||Likud||20||18 October 1983||13 September 1984|
|10||Yitzhak Moda'i||Likud||21||13 September 1984||16 April 1986|
|11||Moshe Nissim||Likud||21, 22||16 April 1986||22 December 1988|
|12||Shimon Peres||Alignment||23||22 December 1988||15 March 1990|
|13||Yitzhak Shamir||Likud||23||15 March 1990||11 June 1990||Serving Prime Minister|
|–||Yitzhak Moda'i||New Liberal Party||24||11 June 1990||13 July 1992|
|14||Avraham Shochat||Labor Party||25, 26||13 July 1992||18 June 1996|
|15||Dan Meridor||Likud||27||18 June 1996||20 June 1997|
|16||Benjamin Netanyahu||Likud||27||20 June 1997||9 July 1997||Serving Prime Minister|
|17||Yaakov Neeman||Likud||27||9 July 1997||18 December 1998|
|–||Benjamin Netanyahu||Likud||27||18 December 1998||23 February 1999||Serving Prime Minister|
|18||Meir Sheetrit||Likud||27||23 February 1999||6 July 1999|
|–||Avraham Shochat||One Israel||28||6 July 1999||7 March 2001|
|19||Silvan Shalom||Likud||29||7 March 2001||28 February 2003|
|–||Benjamin Netanyahu||Likud||30||28 February 2003||9 August 2005|
|20||Ehud Olmert||Likud, Kadima||30||9 August 2005||7 November 2005|
|21||Avraham Hirschson||Kadima||31||4 May 2006||22 April 2007|
|–||Ehud Olmert||Kadima||31||22 April 2007||4 July 2007||Serving Prime Minister|
|22||Roni Bar-On||Kadima||31||4 July 2007||31 March 2009|
|23||Yuval Steinitz||Likud||32||31 March 2009||18 March 2013|
|24||Yair Lapid||Yesh Atid||33||18 March 2013||2 December 2014|
|25||Benjamin Netanyahu||Likud||33||4 December 2014||18 December 2014||Serving Prime Minister|
|26||Nimrod Sapir||33||18 December 2014|
|#||Minister||Party||Governments||Term start||Term end|
|1||Yitzhak Coren||Mapai||10||30 May 1962||26 June 1963|
|2||Zvi Dinstein||Mapai, Alignment||13, 14||24 July 1967||15 December 1969|
|–||Zvi Dinstein||Alignment||15||22 December 1969||10 March 1974|
|3||Yehezkel Flomin||Likud||18||28 June 1977||30 July 1979|
|4||Haim Kaufman||Likud||19, 20||28 August 1981||13 September 1984|
|5||Adiel Amorai||Alignment||21, 22||24 September 1984||22 December 1988|
|6||Yossi Beilin||Alignment||23||26 December 1988||11 June 1990|
|7||Yosef Azran||Shas||24||2 July 1990||13 July 1992|
|8||Rafael Pinhasi||Shas||25||4 August 1992||31 December 1992|
|9||David Magen||Likud||27||18 June 1996||20 May 1997|
|10||Nissim Dahan||Shas||28||5 August 1999||11 July 2000|
|11||Yitzhak Cohen||Shas||29||2 May 2001||20 May 2002|
|–||Yitzhak Cohen||Shas||29||3 June 2002||28 February 2003|
|–||Yitzhak Cohen||Shas||32||1 April 2009||18 March 2013|
|12||Mickey Levy||Yesh Atid||33||18 March 2013||4 December 2014|
- Israeli Ministry of Finance (English)
- Israeli Ministry of Finance (Hebrew)
- Past Ministers at Finance Israel
- All Ministers in the Ministry of Finance Knesset website