Basic Law: The State Economy חוק יסוד: משק המדינה

Key provisions

• The State Budget is set by an annual law that the government must lay before the Knesset within a statutory window before the fiscal year begins
• Taxes, compulsory loans, and fees may be imposed and varied only by or under law
• Sets rules for state borrowing, currency issuance, and management of state property
• Subjects the state's economic affairs to the inspection of the State Comptroller
• Budgets are annual. In specified government-formation circumstances, two consecutive annual budget bills may be submitted together, with adjustment and reporting requirements.

Context

First adopted in 1975. The law also regulates continued spending before a budget is passed, multi-year budget planning, and the approval of private members' bills with substantial fiscal costs.