Printer Friendly

New 50 percent tax deduction on industrial export profits.

Summary: Lebanese industrialists will start receiving a 50 percent tax cut on the profits generated from export operations.

BEIRUT: Lebanese industrialists will start receiving a 50 percent tax cut on the profits generated from export operations.

According to a decision issued by Finance Minister Ali Hasan Khalil, the decision will be applied only to companies and firms that export locally manufactured goods that are destined for export purposes only.

These companies must also produce country of origin certificates to prove the goods were truly manufactured in Lebanon.

But the minister said that companies and firms which buy manufactured goods from abroad and then re-export them will not benefit from the tax exemption.

Also, companies which make packaging for non-Lebanese-made goods will not benefit from the new tax deduction.

The circular added that companies which extract minerals and water from Lebanese soil will not benefit from these tax deductions.

Companies which invest in oil derivatives that are extracted onshore or offshore, as well as Lebanon's exclusive economic zone, also have no right to ask for tax reduction from the Finance Ministry.

The new tax incentive was one of the main demands of Lebanese industrialists who have long complained of high taxes on exported items.

Copyright 2015, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2015 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7LEBA
Date:Jun 5, 2015
Words:218
Previous Article:Hezbollah advances on Nusra strongholds in Arsal's outskirts.
Next Article:In a violent Mideast, economic growth is vital.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters