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Changes to VAT Calculation: What You Need to Know
Lebanon Economy
2023-05-01 | 09:42
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min
Changes to VAT Calculation: What You Need to Know
What is the truth behind the current rumors about changes in the calculation of VAT, and will it affect citizens?
What happened is as follows:
A merchant who used to import goods worth $100 had to pay a VAT of $11 on them.
However, the payment was made in Lebanese lira.
The $11 used to be equal to 16,500 Lebanese liras when the exchange rate was 1,500.
When the official exchange rate of the dollar became 15,000 LBP, the tax value became 165,000 LBP.
This merchant takes this merchandise to sell it at retail.
Let's assume that its price remained at $100 or 10 million Lebanese liras at today's exchange rate.
Adding the 11% VAT, its price becomes 11,100,000 Lebanese liras.
Therefore, the value of the tax on the value added to this merchandise was 1,100,000 Lebanese liras, based on the black market dollar rate.
Meanwhile, the wholesale trader paid only 165,000 Lebanese liras to the state because the VAT was calculated based on the official exchange rate of the dollar.
This means that if the wholesale trader sells at retail, they would have made a profit of 935,000 Lebanese liras.
To stop these discrepancies and ensure more revenue for the treasury, a decree was published in the official gazette that calculates the VAT based on the customs dollar rate upon import, which is determined monthly.
As for VAT between wholesale traders, it is calculated based on Sayrafa rate.
The VAT is calculated according to the Sayrafa platform, for invoices issued by official entities in foreign currency, including wired and wireless communications services, airport fees, and ports set in foreign currencies.
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