On 8 May 2016, Israeli Finance Minister Moshe Kahlon signed a decree ratifying the new tax treaty with Germany. Germany ratified the treaty on 20 November 2015. The treaty, signed 21 August 2014, is expected to enter into force before the end of 2016 and apply from 1 January 2017. Once in force and effective, the new treaty will replace the 1962 tax treaty between the two countries.