Gas royalties Foundation: caveat | Do not die stupid
While the dispute over the export of gas occupying the headlines, the Knesset began intensive course of establishing the "Fund Management state income levy on the profits of oil" and its name better known, royalty fund. Committee on Science and Technology Committee holds three hearings this week on a bill to establish the fund, which passed its first reading last month.
As we know, the principal establishes a government repays - law. Under the Sheshinski, gas compensation fund was supposed to get up to November 2011, and the profits start to accumulate gas levy the same point in time. Endless infighting between the Ministries of Finance and Defense, the Bank of Israel and the National Economic Council, made the red tape that reached the Supreme Court. Outcome: loss of income of 300 million dollars. However theft of public funds for all purposes; instead reach a corner gas designated, poured money levy these fund state, and swallowed it forever. doomsayers say this theft heralds the fate of the entire fund.
The full text of the bill that is on the table and Science and Technology Committee can be read here. In general, head of the fund will be Minister of Finance. Three representatives hokkaido buffet locations appointed hokkaido buffet locations alongside government (Prime Minister's Office, Ministry of Finance and the Bank of Israel) and three public representatives elected - by a search committee. Council hokkaido buffet locations decides on the monetary policy of the Fund's investment abroad, in consultation with the Investment Committee to be established next to it. Financial management of the fund itself will be delivered to the Department of Management to be established in the Bank of Israel.
All funds shall be invested abroad. Fruits "Israeli citizens determined to 3.5% from the fund each year during the first decade of its existence, then the average nominal yield level. Chapter IX of the bill will be determined allocation of funds to" social objectives, economic and educational. "This wording is very laconic, which is different from the wording in the law Sheshinski only the addition of the" educational. "What hokkaido buffet locations is the purpose" financially "? each investment fund's Israeli economy is" economic. "is more important perhaps is what is not here: not mentioned goals security. It is no coincidence, but before you jump with joy and marking a rare victory over the defense budget, it is advisable to read the fine print and peek behind the scenes.
As I have already hokkaido buffet locations written at length, parallel to the gas discoveries in Israel, the IDF developed and bodies such as the National Security Council a new security strategy, maximalist bordering on the hysterical, who sees all the territorial waters of Israel - an area three times the area of Israel - an area that should be secured and monitored regularly from the sea and air. perception for granted that you should expect to invest billions security of gas facilities than to reach a political agreement hokkaido buffet locations with the Lebanese government or Hezbollah fair exploitation of gas deposits in the region for the benefit of all parties. calculation of IDF security costs submitted to the government amounted to -3 billion shekels. It is only an initial replenishment; annual operating budget comes half a billion, so the total change operations security facilities is estimated at 20 billion.
The first was absurd that no one imagined that require gas tycoons to attend those crazy costs, at least equal to their share of gas profits. The second absurdity was that the defense demanded security funds to finance the welfare fund of gas (and Netanyahu, of course, supported them) circular deal between tycoons army on the backs of the citizens of Israel. Which brings us to the last few months. hokkaido buffet locations
The main reason for the delay, hosted by the law establishing the fund was a dispute between the Ministry of Defense Ministry of Finance precisely at this point. October 2012 rejected the Ministerial Committee for Legislation the Ministry of Defense requirement to add the "national security" for purposes of funding the gas fund. Finance Committee was also consensus against this distortion of the Sheshinski law. It did not bother the army to run the arm of his stress - NSC - Premier document recommended budget the gas projector security expenses, at $ 700 million. For those not familiar, let us clarify that this council is a body long line of organizations Para - Israeli security, which includes various research hokkaido buffet locations institutes, whose job security doctrine reinforce the dominant or, God forbid, to challenge it. And note: The Council appeals to the Prime Minister two months after having received a Knesset committee decision hokkaido buffet locations not to change the text of the law establishing the gas beam system security requirements. That operate in a country where the status of the legislature so inferior compared to the executive branch.
Last Onslaught law was in April this year. Defense Ministry demanded "that the fund's money will not be transferred to the state budget will be invested abroad or have not completed all the subsidy cost of securing gas facilities by the Ministry of Defense." Actually the requirement was to share not only the principal amount set aside each year to the state but also of the current revenues fund. Treasury foiled this audacious claim. But hang with champagne.
Immediately after the new law establishes the goals of economic - social - educational, it is very alarming pit mines. Sections 38-39 law allows fund managers to give a loan to the government "to assist in dealing with unusual events have a negative impact on the Israeli economy exceeded." What an unusual event? Unexplained, except plug in subsection (1A) "including environmental event." Who decides that the event unusual? The Israeli government, of course. Who will approve? Committee, a majority of 65 MKs. Clause 39 also allows the government relief in loan repayment. What is "relief"? Explanatory hokkaido buffet locations explanatory: "Changing the repayment period or interest rate and receiving a full or partial exemption from repayment of loan principal or interest."
I hope you understand that approval hokkaido buffet locations rob the fund and return Divorced. True, there are barriers alleged illegal about this possibility, but they are worded in such a weak and vague, I have no doubt at all - I emphasize again, I have no doubt at all - they be exploited by greedy politicians - budget, and especially those who find themselves hokkaido buffet locations in the Defense Ministry. The lure of
While the dispute over the export of gas occupying the headlines, the Knesset began intensive course of establishing the "Fund Management state income levy on the profits of oil" and its name better known, royalty fund. Committee on Science and Technology Committee holds three hearings this week on a bill to establish the fund, which passed its first reading last month.
As we know, the principal establishes a government repays - law. Under the Sheshinski, gas compensation fund was supposed to get up to November 2011, and the profits start to accumulate gas levy the same point in time. Endless infighting between the Ministries of Finance and Defense, the Bank of Israel and the National Economic Council, made the red tape that reached the Supreme Court. Outcome: loss of income of 300 million dollars. However theft of public funds for all purposes; instead reach a corner gas designated, poured money levy these fund state, and swallowed it forever. doomsayers say this theft heralds the fate of the entire fund.
The full text of the bill that is on the table and Science and Technology Committee can be read here. In general, head of the fund will be Minister of Finance. Three representatives hokkaido buffet locations appointed hokkaido buffet locations alongside government (Prime Minister's Office, Ministry of Finance and the Bank of Israel) and three public representatives elected - by a search committee. Council hokkaido buffet locations decides on the monetary policy of the Fund's investment abroad, in consultation with the Investment Committee to be established next to it. Financial management of the fund itself will be delivered to the Department of Management to be established in the Bank of Israel.
All funds shall be invested abroad. Fruits "Israeli citizens determined to 3.5% from the fund each year during the first decade of its existence, then the average nominal yield level. Chapter IX of the bill will be determined allocation of funds to" social objectives, economic and educational. "This wording is very laconic, which is different from the wording in the law Sheshinski only the addition of the" educational. "What hokkaido buffet locations is the purpose" financially "? each investment fund's Israeli economy is" economic. "is more important perhaps is what is not here: not mentioned goals security. It is no coincidence, but before you jump with joy and marking a rare victory over the defense budget, it is advisable to read the fine print and peek behind the scenes.
As I have already hokkaido buffet locations written at length, parallel to the gas discoveries in Israel, the IDF developed and bodies such as the National Security Council a new security strategy, maximalist bordering on the hysterical, who sees all the territorial waters of Israel - an area three times the area of Israel - an area that should be secured and monitored regularly from the sea and air. perception for granted that you should expect to invest billions security of gas facilities than to reach a political agreement hokkaido buffet locations with the Lebanese government or Hezbollah fair exploitation of gas deposits in the region for the benefit of all parties. calculation of IDF security costs submitted to the government amounted to -3 billion shekels. It is only an initial replenishment; annual operating budget comes half a billion, so the total change operations security facilities is estimated at 20 billion.
The first was absurd that no one imagined that require gas tycoons to attend those crazy costs, at least equal to their share of gas profits. The second absurdity was that the defense demanded security funds to finance the welfare fund of gas (and Netanyahu, of course, supported them) circular deal between tycoons army on the backs of the citizens of Israel. Which brings us to the last few months. hokkaido buffet locations
The main reason for the delay, hosted by the law establishing the fund was a dispute between the Ministry of Defense Ministry of Finance precisely at this point. October 2012 rejected the Ministerial Committee for Legislation the Ministry of Defense requirement to add the "national security" for purposes of funding the gas fund. Finance Committee was also consensus against this distortion of the Sheshinski law. It did not bother the army to run the arm of his stress - NSC - Premier document recommended budget the gas projector security expenses, at $ 700 million. For those not familiar, let us clarify that this council is a body long line of organizations Para - Israeli security, which includes various research hokkaido buffet locations institutes, whose job security doctrine reinforce the dominant or, God forbid, to challenge it. And note: The Council appeals to the Prime Minister two months after having received a Knesset committee decision hokkaido buffet locations not to change the text of the law establishing the gas beam system security requirements. That operate in a country where the status of the legislature so inferior compared to the executive branch.
Last Onslaught law was in April this year. Defense Ministry demanded "that the fund's money will not be transferred to the state budget will be invested abroad or have not completed all the subsidy cost of securing gas facilities by the Ministry of Defense." Actually the requirement was to share not only the principal amount set aside each year to the state but also of the current revenues fund. Treasury foiled this audacious claim. But hang with champagne.
Immediately after the new law establishes the goals of economic - social - educational, it is very alarming pit mines. Sections 38-39 law allows fund managers to give a loan to the government "to assist in dealing with unusual events have a negative impact on the Israeli economy exceeded." What an unusual event? Unexplained, except plug in subsection (1A) "including environmental event." Who decides that the event unusual? The Israeli government, of course. Who will approve? Committee, a majority of 65 MKs. Clause 39 also allows the government relief in loan repayment. What is "relief"? Explanatory hokkaido buffet locations explanatory: "Changing the repayment period or interest rate and receiving a full or partial exemption from repayment of loan principal or interest."
I hope you understand that approval hokkaido buffet locations rob the fund and return Divorced. True, there are barriers alleged illegal about this possibility, but they are worded in such a weak and vague, I have no doubt at all - I emphasize again, I have no doubt at all - they be exploited by greedy politicians - budget, and especially those who find themselves hokkaido buffet locations in the Defense Ministry. The lure of
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