BASIC LAW: THE STATE ECONOMY

   Passed on 21 July 1975 by the eighth Knesset, the law lays down the framework for the budget laws and the basic rule, according to which no taxes, compulsory loans, other compulsory payments and fees may be imposed or their rates changed, except by law or in accordance with it. Regulations imposing compulsory payments are subject to the approval of the Knesset or one of its committees. In addition, the law deals with the authority to reach agreements involving state assets, the acquisition of rights and the undertaking of obligations in the name of the state, the state budget and its formulation, the printing of banknotes, and the minting of coins. The law also states that the "state economy is subject to the control of the State Comptroller."