To link to this article, copy this persistent link:
(Nov 08, 2012) On July 25, 2012, the Knesset (Israel's parliament) passed the Reduction of Deficit and Limitation of Budgetary Expenses (Amendment No. 12) Law, 5772-2012. The amended Law provides caps for public spending and limits the level of Israel's state budget deficit based on a percentages of its GDP, as follows:
2013: up to 3%;
2014: up to 2.75%;
2015: up to 2.5%;
2016 : up to 2%;
2017-2018: up to 1.5%; and
2019 and each year thereafter after: up to 1.5%. (Reduction of Deficit and Limitation of Budgetary Expenses (Amendment No. 12) Law, 5772-2012 [in Hebrew], SEFER HAHUKIM (S.H.) No. 2374 p. 591 (Aug. 2, 2012), Knesset website; Reduction of Deficit and Limiting of Budgetary Expenses Law, 5752-1992, S.H. No. 1378 p. 45, as amended.)
Explanatory notes on the draft bill of the original 1991 Law stated that if the situation of having a high rate of deficit as a percentage of the state GDP (at that time expected to be 6.2% of Israel's GDP) persisted, it "could endanger economic stability and harm the development of growth and increased employment." (HATSAOT HOK No. 2082 p. 30 (Oct. 23, 1991).)
|Author:||Ruth Levush More by this author|
|Topic:||Economics and Public Finance More on this topic|
|Jurisdiction:||Israel More about this jurisdiction|
Search Legal News
Find legal news by topic, country, keyword, date, or author.
Global Legal Monitor RSS
Get the Global Legal Monitor delivered to your inbox. Sign up for RSS service.
The Global Legal Monitor is an online publication from the Law Library of Congress covering legal news and developments worldwide. It is updated frequently and draws on information from the Global Legal Information Network, official national legal publications, and reliable press sources. You can find previous news by searching the GLM.
Last updated: 11/08/2012