Minister Jaber addresses confusion over taxes on foreign currency bond provisions
During a meeting with a delegation from the Lebanese Business Leaders Association (RDCL), headed by Dr. Fouad Zmokhol, Jaber emphasized that the matter remains within the scope of law enforcement. He noted that a study conducted by the Tax Revenue Directorate estimated the total value of all related operations at no more than $20 million, contrary to claims suggesting the amount reaches $1.2 billion.
Jaber said the Directorate would issue clarifications to present the facts accurately.
The delegation raised concerns about end-of-service indemnities and called for a framework for negotiation between production partners, emphasizing that losses should not fall solely on workers who have already lost a significant share of their income and deposits. They also discussed the impact of social security losses.
On the matter of asset valuation, the delegation requested that companies be allowed to reassess their assets based on the current exchange rate without incurring high tax liabilities. They also urged the inclusion of a fair settlement of past tax obligations in the upcoming state budget through 2021 and called for the option to pay taxes using frozen dollar deposits at an appropriate rate.
Jaber informed the delegation that the ministry is reviewing old tax accounts and has decided to form a follow-up committee to reach fair and practical solutions.
The minister also met with Enrique Armas, the World Bank Group Country Manager for Lebanon, along with experts overseeing the implementation of the World Bank electricity sector loan.
In a separate meeting with Armas and a team working on public sector retirement reform, Jaber reviewed the work of the committee tasked with studying public sector salaries. He stressed the need for coordination between the committee and the World Bank to align perspectives and develop a comprehensive view of salaries and pensions.
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