News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
32
o
Bekaa
34
o
Keserwan
34
o
Metn
34
o
Mount Lebanon
29
o
North
33
o
South
32
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Conversations with Ricardo Karam
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
32
o
Bekaa
34
o
Keserwan
34
o
Metn
34
o
Mount Lebanon
29
o
North
33
o
South
32
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Calls for Transparency: New tax provision in 2024 Budget raises concerns
Press Highlights
2023-09-05 | 01:11
High views
Share
Share
4
min
Calls for Transparency: New tax provision in 2024 Budget raises concerns
In a miscellaneous provision within the 2024 budget, an article has emerged allowing "taxpayers to settle their taxes from their foreign currency (pre-dating October 2019) bank accounts at a rate of 40 percent of the US dollar's value on the Sayrafa platform."
Experts have viewed this article as a disguised haircut on deposits trapped in banks, estimated at around $90 billion. Depositors who choose this option will face a deduction from their deposits, with the state absorbing the difference between the old dollar rate and the Sayrafa rate. In essence, both the state and depositors will share the loss to alleviate the banks' obligations to depositors.
This article was originally published in and translated from Lebanese newspaper Nidaa al-Watan.
Financial and economic expert Michel Kozah supports this analysis and explains that "before the end of Governor Riad Salameh's term, he burdened the state with $57 billion. What they are trying to do with this provision in the budget is to create room for those who want to pay their taxes using their deposits, which are in dollars."
The state is attempting, through this provision, to reduce the deposits in dollars in accounts amounting to approximately $90 billion. This means that the dissolution of these deposits through this article could take around 50 years to cover this gap in this manner.
Regarding accounting and taxation, accounting and taxation expert and member of the ALDIC Association Nadim Daher clarifies that "this provision in the budget will lead to two problems. The first is financial inflation.
Converting dollars, or rather the reserved dollars in banks, into Lebanese lira, even at a rate of 40 percent of the Sayrafa rate, will increase the money supply," pointing out that "we have to wait for the opinion of the BDL on this issue because Acting Governor Dr. Wissam Mansouri insists on controlling inflation.
Therefore, he did not meet Electricite du Liban's (EDL) request to convert amounts from lira to dollars to avoid inflation."
Daher emphasizes that "as always, laws and provisions are passed late, meaning that these provisions should have been enacted at the beginning of the crisis.
This is what we proposed as the Association for Taxpayer Protection as one of the solutions to the problem of frozen deposits in banks. Still, we were not heard," considering that "the return on this provision is positive. As for the increase in inflation rates, it is a source of concern because we do not know the size of the money supply that will be injected into the market through this provision, but it is beneficial for companies because it encourages them to pay their taxes, which are significant amounts in Lebanese lira."
He believes that "in terms of individual depositors, they have the freedom to apply it or not, so it is not compulsory, unlike the circulars issued by the BDL, including Circular 151."
In conclusion, "this provision can be challenged based on the principle of tax equality among citizens because it allows companies and individuals to pay their taxes in a certain way, while a segment of the Lebanese people spends fresh dollars to pay their taxes. However, the basis for the challenge is not solid."
Lebanon News
Lebanon Economy
Press Highlights
Transparency
Budget
Provision
Concerns
Lebanese
Lira
BDL
Funds
Next
From standstill to stalemate: Lebanon's presidential elections 'stalled' in the shadows of Gaza war
Recommended For You
d-none hideMe
0
Press Highlights
2024-03-26
From the inside: Hezbollah's take on southern Lebanon's renewed tensions
Press Highlights
2024-03-26
From the inside: Hezbollah's take on southern Lebanon's renewed tensions
0
Press Highlights
2024-03-25
Exploring Lebanon's presidential path: Three key initiatives unveiled
Press Highlights
2024-03-25
Exploring Lebanon's presidential path: Three key initiatives unveiled
0
Press Highlights
2024-03-25
Ahmad Rustom highlights progress and challenges in national dialogue initiative
Press Highlights
2024-03-25
Ahmad Rustom highlights progress and challenges in national dialogue initiative
0
Press Highlights
2024-03-25
Lebanese Presidential elections postponed until after Eid al-Fitr
Press Highlights
2024-03-25
Lebanese Presidential elections postponed until after Eid al-Fitr
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
0
News Bulletin Reports
2024-07-01
Lebanon's 2024 summer: Festivals, fun, and flourishing tourism - A look at the numbers
News Bulletin Reports
2024-07-01
Lebanon's 2024 summer: Festivals, fun, and flourishing tourism - A look at the numbers
0
News Bulletin Reports
2024-03-21
Revival of Housing Loans in Lebanon: Opportunities and Challenges
News Bulletin Reports
2024-03-21
Revival of Housing Loans in Lebanon: Opportunities and Challenges
0
Israel-Gaza War Updates
07:48
Death toll in Gaza exceeds 39,200: Health Ministry
Israel-Gaza War Updates
07:48
Death toll in Gaza exceeds 39,200: Health Ministry
Videos
d-none hideMe
0
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
0
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
0
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
0
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
0
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
0
Lebanon News
2024-06-12
Over 100 rockets launched from southern Lebanon toward northern Israel (Video)
Lebanon News
2024-06-12
Over 100 rockets launched from southern Lebanon toward northern Israel (Video)
0
Lebanon News
2024-06-10
Video shows Israeli drone downing in Iqlim al-Tuffah, South Lebanon
Lebanon News
2024-06-10
Video shows Israeli drone downing in Iqlim al-Tuffah, South Lebanon
0
Middle East News
2024-05-21
Funeral ceremony of the Iranian president begins in Tabriz (Video)
Middle East News
2024-05-21
Funeral ceremony of the Iranian president begins in Tabriz (Video)
0
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
2
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
3
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
4
News Bulletin Reports
13:05
War resolution: Netanyahu confronted with ceasefire demands in talks with US leaders
News Bulletin Reports
13:05
War resolution: Netanyahu confronted with ceasefire demands in talks with US leaders
5
Lebanon News
06:58
Israeli navy intercepts drone approaching Israel's economic waters from Lebanon
Lebanon News
06:58
Israeli navy intercepts drone approaching Israel's economic waters from Lebanon
6
News Bulletin Reports
13:06
Netanyahu's conditions: Israel and Hamas struggle to overcome deadlock in ongoing negotiations
News Bulletin Reports
13:06
Netanyahu's conditions: Israel and Hamas struggle to overcome deadlock in ongoing negotiations
7
News Bulletin Reports
13:08
Securing nomination: Can Harris secure Michigan delegates for Democratic nomination?
News Bulletin Reports
13:08
Securing nomination: Can Harris secure Michigan delegates for Democratic nomination?
8
Israel-Gaza War Updates
04:46
Israel tells Gazans to temporarily evacuate southern Khan Younis areas
Israel-Gaza War Updates
04:46
Israel tells Gazans to temporarily evacuate southern Khan Younis areas
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More