How will Tax Increase Affect Us?

The brand new taxes have been accepted and the legal guidelines have been revealed Monday as a particular appendix to the Official Gazette, which implies that they’re already in place as we communicate. What are these new taxes?

VAT enhance from 10 to 11%: which may have a detrimental influence on all Lebanese as it can result in a rise in residing bills and a lower within the buy energy. Some are suggesting that the 1% enhance will ultimately result in a 5 to 7% enhance within the costs of products.

Tax on imported alcoholic drinks has been elevated someplace between 15% and 35% based mostly on three value ranges.

Charge for economic system passengers on the airport is unchanged at 60,000 LL. Enterprise class charge elevated to 110,000LL and top notch to 150,000LL. These utilizing personal jets will probably be charged 400,000LL on arrival and departure.

Lotto tickets will probably be charged an additional 20%.

Improve in tax on company income from 15 to 17%.

A further 2% charge on actual property contracts.

Elevated within the value of stamps on judicial information from 2,000LL to four,000LL.

Improve within the value stamps on cellphone payments to 2500LL lira.

Add to that modifying the taxes on earnings and revenues in addition to implementing a 5,000LL charge on Lebanese leaving the nation by land and different taxes. The under tables are being shared on-line, displaying how nearly all of the brand new taxes have an effect on all of us.

Personally talking, I’m nonetheless towards any tax hikes as a result of the true downside in Lebanon is within the billions of misplaced attributable to corruption, which aren’t being tackled but. Having mentioned that, a hike in taxes means there’s more cash to steal, no more cash to make things better.

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