Since the Constituent Assembly and the First Knesset are unable to put a constitution together, the Knesset legislates basic laws on various subjects. The Fifth Basic Law of Israel is passed by the Eighth Knesset on July 21, 1975. The law lays down the framework for budget laws, rules for taxation, compulsory loans, payments, fees and other aspects of the economy. Regulations are likewise stipulated for state assets, the state budget, and the printing of money.
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