Overview of Lebanon's Tax Policy

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Lebanon and Middle East Issues Tax Policy in Lebanon Lebanese tax policy is still very much under development, and is currently not considered wholly adequate by the international community and by many domestic forces and individuals (Advameg, 2012). A value-added tax wasn't implemented until 2002, and gasoline and other special commodities taxes were the only taxes collected on sales prior to this point an had been kept at relatively low levels (Advameg, 2012). It was also during the tax changes of 2001 and 2002 that the government agreed to consider a tax on savings accounts and other interest-earning instruments for the first time (Advameg, 2012). Lebanese tax policy has grown more standardized and more adequately serves many governmental needs in the country after the past decade of improvements, and there is now an estensive tax structure in place though perhaps not evenly and consistently applied (PKF, 2010). Taxes on income, capital gains, and most other areas of taxation are still low compared to international standards, as well, which has both benefits and drawbacks to the country and the region as well as to business operating in or with Lebanon (PKF, 2010). Government Stability in Lebanon The past several decades indeed, the bulk of the twentieth century has been a tumultuous time for Lebanon and for the region, but the past decade has in many ways been especially turbulent and unstable. The assassination of the recently resigned prime minister Rafic Hariri

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