Moody’s ratings agency said that Lebanon had taken the first step toward fiscal reforms after Parliament approved a tax package as a prelude to endorsing the long-awaited state budget.(The Daily Star on July 29, 2017,page 4.)
The Lebanese Parliament approved a series of tax hikes to finance the new salary arrangements for public-sector workers. These taxes included an 11 percent value added tax, raised from the current 10 percent, increased taxes on corporate profits from 15 to 17 percent, increasing the price of stamps on bills from 100 LBP stamp to 250 LBP stamp.
Moore Stephens Lebanon as part of its advisory and consultancy tax services with its clients, will help them insure a smooth implementation of the new increased VAT, fiscal stamp and corporate tax to minimize future tax risks. Moore Stephens have started the process by circulating the new tax codes to the clients and will follow it by supervising and reviewing the application of taxes in the business practice.