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Not A Tax Increase?

The 2012 budget would not include new taxes or additional expenditures that would weigh heavily on Lebanon’s economic sectors,and middle, low income brackets, Prime Minister Najib Mikati announced Thursday. The government will consider ways to secure the necessary revenues to cover the increase in public sector wages and salaries that are expected to cost the Treasury an additional $1.5 billion in direct and indirect spending, equivalent to 2.2% of GDP. The Cabinet will speed up the debate on the draft budget, he added.

 

  It’s worth mentioning that Finance Minister Mohammad Safadi, announced last month that the new draft of the 2012 State budget revised the Value Added Tax (VAT) from 10 to 12 percent and tax on bank deposit interests from 5 to 7 percent, and proposes a new tax on profits from land sale. Four percent on properties bought before 2009, and 15 percent on those bought after 2009. 

 The new draft also includes an increase of 65 percent in investment expenditures, in comparison with last year, announced Safadi, in addition to a tax exemption on industrial exports by half.

Beirut

Migration to cities is increasing so much that, by 2050, the UN predicts that approximately two thirds of the world’s population will be living in cities.

ECO INITIATIVES

  • A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
  • The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on  Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
  • A green initiative launched by Ashrafieh 2020 project aims to transform Ashrafieh into a tranquil and unpolluted area.Green spaces allow residents to walk and ride bicycles.

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