Ministry of Finance (Israel)

Updated on Dec 30, 2023

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Formed 1948 Annual budget 1.96 billion NIS		Jurisdiction Government of Israel

Headquarters Finance Ministry Building, Jerusalem Ministers responsible Moshe Kahlon, Minister of Finance Yitzhak Cohen, Deputy Minister of Finance Website www.financeisrael.mof.gov.il

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.

The current Finance Minister is Moshe Kahlon.

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.

References

Ministry of Finance (Israel) Wikipedia

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