Challenges in Implementing Taxation on Profits: Scrutinizing Lebanons Budget Amid Financial Controversies

Challenges in Implementing Taxation on Profits: Scrutinizing Lebanons Budget Amid Financial Controversies

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2023-10-07 | 01:39

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Challenges in Implementing Taxation on Profits: Scrutinizing Lebanon's Budget Amid Financial Controversies

Sources within the Ministry of Finance have cast doubt on the implementation of Article 80 of the 2023 budget, which imposes a 17% tax on profits generated by individuals from Sayrafa platform operations.

This article is originally published in, translated from Lebanese newspaper Nidaa al-Watan.

According to these sources speaking to "Nidaa al-Watan," the inclusion of this article in the budget was a move to address public concerns after widespread criticism of exorbitant profits made by some individuals on the platform halted by the acting governor of the Central Bank of Lebanon, Wassim Mansouri, following revelations of illicit enrichment at the expense of the central bank and the remaining reserves.

The sources raised questions about the Ministry of Finance's ability to gather complete information about a group of beneficiaries known to former governor Riad Salameh and his assistant Marianne el-Howayek, including Salim Khalil (notary public), Tarek Khalifa (IBL Bank), and other bankers like Marwan Khair al-Din. Additionally, those associated with the "Salameh Gang" within banking circles and currency exchange companies are under scrutiny.

A World Bank report last May highlighted profits of around $2.5 billion from Sayrafa, prompting Salameh to