No. 34



Lebanon Prepares To Introduce VAT

Lebanon plans to introduce a value added tax (VAT) to increase government revenue, Jihad 'Azur, advisor to Finance Minister Georges Corm, announced on 14 August. Quoted in The Daily Star on 15 August, Mr 'Azur claimed that VAT could generate revenues of more than $400mn annually with a rate as high as 10% and would add 3% to the countrys GDP. The tax is expected to target companies with a sales turnover of around $670,000...