Lebanon's Finance Minister denies VAT hike
Lebanon's Finance Minister Mohammad Safadi denied Monday media allegations that he has proposed raising the value added tax from 10 to 12 percent.
“The issue which will be discussed is to amend some measures in the tax administration and this has nothing to do with raising the VAT,” Safadi said in a statement.
Prime Minister Najib Mikati told reporters Friday that he would reject any attempt to raise the VAT. Sources told The Daily Star that Safadi is planning to submit the 2013 draft budget, which would not include any new tax.
The draft budget, which is yet to be discussed by the Cabinet, is seen as a bid to introduce austerity measures. It will only include current spending and projected revenues.
- Life goes on: Kurdistan's merchants thriving at graveyard business
- It's the economy, stupid: Yemen's kidnappings are more about money than politics
- All talk: Why a GCC union does not matter for Arab countries' economies
- Aiding 'Um al-Dunya' or themselves? The Gulf's war over Egypt's economy
- What Arab Spring? The Middle East is undergoing a quiet revolution that is truly transforming the region