New taxes and fees: Lebanons 2024 budget shifts to dollar payments

New taxes and fees: Lebanons 2024 budget shifts to dollar payments

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2023-09-10 | 12:29

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New taxes and fees: Lebanon's 2024 budget shifts to dollar payments

For the first time in its history, Lebanon's 2024 budget, currently under discussion in the cabinet, is abandoning the local currency and moving towards collecting various fees and taxes in dollars. This shift has raised concerns among citizens as it may lead to additional price hikes for various goods if the dollar exchange rate rises against the Lebanese lira.

The main changes in the budget include:

-         Customs fees will now be collected in US dollars, compared to the previous use of the exchange rate. This could result in higher prices for many consumer goods if the dollar appreciates against the lira.

-         All port and airport fees in the 2024 budget will be denominated in dollars, including departure fees for travelers by sea and air.

-         The fees collected by the Electricité du Liban (EDL) become in dollars after being at the exchange rate plus 20 percent, including invoices.

-         Residence fees for work permit holders of all categories will also be converted to dollars.

-         The petroleum sector, which has long been a dream, will now