According to the Value Added Tax (VAT) Law in Israel, transactions in negotiable documents and securities are subject to three different frameworks for taxation.

1. The first framework is based on the definition of "goods" in the Law. Negotiable documents and securities do not fall under the category of "goods" and are therefore exempt from VAT. This means that private individuals who trade in securities are not required to pay VAT.

2. The second framework, outlined in Section 19(b) of the Law, states that the redemption of negotiable documents is considered a transaction for the provision of brokerage services. In other words, individuals or companies that redeem negotiable documents are liable to pay on the difference between the purchase price and the redemption or repayment price of the document. This applies to brokerage companies that earn fees for trading stocks on behalf of clients or investment funds.

3. The third framework, based on Section 1(a)(3) of the Order, designates individuals or entities engaged in trading securities and negotiable documents as financial institutions. Financial institutions are subject to income and profit tax, in addition to VAT. This means that banks, for example, are required to pay on their transactions involving negotiable documents and securities.

It is important to keep in mind that the frameworks for taxing transactions in negotiable documents and securities may change periodically. It is advisable to stay updated with the latest regulations and consult with a tax professional to ensure compliance.