Ministry of Finance (Israel)

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Ministry of Finance
משרד האוצר
Israel Ministry of Finance.jpg
Ministry of Finance Headquarters
Agency overview
Formed 1948
Jurisdiction Government of Israel
Headquarters Finance Ministry Building, Jerusalem
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Annual budget 1.95 billion NIS[1]
Ministers responsible

The Israeli Ministry of Finance (Hebrew: <templatestyles src="Script/styles_hebrew.css" />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.[2]

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.[2]

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. 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 Government 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
Labor Party
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
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 Moshe Kahlon Kulanu 34 14 May 2015

Deputy ministers

# Minister Party Government Term start Term end
1 Yitzhak Coren Mapai 10 30 May 1962 26 June 1963
2 Zvi Dinstein Alignment
Labor Party
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
Yitzhak Cohen Shas 34 19 May 2015

See also


  2. 2.0 2.1 About the Ministry of Finance. Ministry of Finance Website.
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External links