The Ministry of Finance estimates the government's revenues from Israel's natural gas discoveries, including Tamar, Leviathan, and Noa at NIS 548 billion.
Accountant General Michal Abadi-Boiangiu today issued binding oversight guidelines on royalties transactions for ministries' controllers. The guidelines are the latest measure to improve government supervision and control of state assets.
Under the guidelines, ministries' controllers are required to analyze the royalties arrangements, calculate the government's take under different scenarios, review the financial reports of companies owing royalties, audit the amount of royalties, and record these arrangements properly.
Abadi-Boiangiu said, "Publication of these procedures is a great leap forward in meeting the state's rights to its assets and the royalties owed it, which will increase the government's revenue in the long run."
Published by Globes [online], Israel business news - www.globes-online.com - on July 4, 2012
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