Lebanons financial crisis: Exploring revenue potential beyond taxation

Lebanons financial crisis: Exploring revenue potential beyond taxation

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2023-09-24 | 11:30

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Lebanon's financial crisis: Exploring revenue potential beyond taxation

Lebanon's ongoing financial crisis has left its treasury bankrupt and its government seemingly paralyzed, lacking economic planning and foresight. 

Instead of relying on external assistance and the International Monetary Fund (IMF), the country must explore alternative solutions that will not burden its citizens further with taxes and fees, many of which directly affect various sectors of its economy.

Alongside the crushers and quarries issue that LBCI covered, one crucial aspect that demands attention is the maritime public properties, which could generate significant annual revenue of $52 million if adequately collected and can be quadrupled if prices are corrected which are still at the exchange rate of LBP 1,500.

According to international data, the issue of riverine properties can also contribute substantially to state income, providing an equivalent amount to maritime properties.

Furthermore, the state can potentially collect $300 million from the Beirut Port. Currently, port revenues are insufficient due to temporary committees overseeing income collection without prior oversight.

The problem of customs evasion at ports, airports, and legitimate border crossings by manipulating the declared value of imported goods has cost the state nearly $800 million annually, as estimated by the IMF. 

According to economic experts, this