Ministry of Finance (Israel)

Israel

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The Israeli Ministry of Finance main office building in Jerusalem

The Israeli Ministry of Finance (Hebrew: משרד האוצר‎, Misrad HaOtzar; Arabic: وزارة المالية‎) 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.

Main functions

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

Structure of the Israeli Ministry of Finance

Budget Department

The Budget Department (Hebrew: אגף התקציבים‎, Agaf HaTaktzivim) administers public expenditure and has three main roles:

1. Act as a central government unit for planning and budgeting.
2. Act as a consulting unit of the Ministry of Finance and the government for general aspects of its decision-making process.
3. 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. In 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

#	Name	Born - Died	Government	Term started	Term ended	Political Party
1.	Eliezer Kaplan	1891–1952	Provisional, 1, 2, 3	14 May 1948	25 June 1952	Mapai
2.	Levi Eshkol	25 October 1895 – 26 February 1969	3, 4, 5, 6, 7, 8, 9, 10	25 June 1952	26 June 1963	Mapai
3.	Pinchas Sapir	15 October 1906 – 12 August 1975	11, 12, 13	26 June 1963	5 August 1968	Mapai, Alignment
4.	Ze'ev Sherf	1906–1984	13, 14	5 August 1968	15 December 1969	Labour
Second Term	Pinchas Sapir	15 October 1906 – 12 August 1975	15, 16	15 December 1969	3 June 1974	Alignment
5.	Yehoshua Rabinovitz	1911 – 4 August 1979	17	3 June 1974	20 June 1977	Alignment
6.	Simha Erlich	1915 – 19 June 1983	18	20 June 1977	7 November 1979	Likud
7.	Yigal Hurvitz	1918 – 10 January 1994	18	7 November 1979	13 January 1981	Likud
8.	Yoram Aridor	24 October 1933 –	18, 19, 20	21 January 1981	15 October 1983	Likud
9.	Yigal Cohen-Orgad	30 August 1937	20	18 October 1983	13 September 1984	Likud
10.	Yitzhak Moda'i	17 January 1926 – 14 May 1948	21	13 September 1984	16 April 1986	Likud
11.	Moshe Nissim	1935–	21, 22	16 April 1986	22 December 1988	Likud
12.	Shimon Peres	2 August 1923 –	23	22 December 1988	15 March 1990	Alignment
13.	Yitzhak Shamir	15 October 1915 –	23	15 March 1990	11 June 1990	Likud
Second Term	Yitzhak Moda'i	17 January 1926 – 14 May 1998	24	11 June 1990	13 July 1992	New Liberal Party
14.	Avraham Shohat	14 June 1936 –	25, 26	13 July 1992	18 June 1996	Labour
15.	Dan Meridor	23 April 1947 –	27	18 June 1996	20 June 1997	Likud
16.	Benjamin Netanyahu	21 October 1949 –	27	20 June 1997	9 July 1997	Likud
17.	Ya'akov Ne'eman	16 September 1939 –	27	9 July 1997	18 December 1998	-
second term	Benjamin Netanyahu	21 October 1949 –	27	18 December 1998	23 February 1999	Likud
18.	Meir Sheetrit	10 October 1948 –	27	23 February 1998	6 July 1999	Likud
second term	Avraham Shohat	14 June 1936 –	28	6 July 1999	7 March 2001	Labour
19.	Silvan Shalom	4 August 1958 –	29	7 March 2001	28 February 2003	Likud
third term	Benjamin Netanyahu	21 October 1949 –	30	28 February 2003	9 August 2005	Likud
Interim minister	Ehud Olmert	30 September 1945 –	30	9 August 2005	7 November 2005	Likud
20.	Ehud Olmert	30 September 1945 –	30	7 November 2005	4 May 2006	Likud, Kadima
21.	Avraham Hirschson	11 February 1941 –	31	4 May 2006	22 April 2007	Kadima
second term	Ehud Olmert	30 September 1945 –	31	22 April 2007	4 July 2007	Kadima
22.	Roni Bar-On	2 June 1948 –	31	4 July 2007	31 March 2009	Kadima
23.	Yuval Steinitz	10 April 1958 –	32	31 March 2009	Present	Likud

See also

• Economy of Israel
• Bank of Israel
• Standard of living in Israel

External links

• Israeli Ministry of Finance (English)
• Israeli Ministry of Finance (Hebrew)