VAT in Lebanon a Sticky Situation

Implementing the VAT (value-added tax) in many countries across the world is a no-brainer in most arenas. However, in Lebanon, where the VAT begins in about eight months, the government may not be ready to face the VAT's reality in actually collecting the tax.

Why? Reports state that the government in Lebanon has had a hard time implementing income and property taxes. The infrastructure and those handling the tax-related issues for the VAT--such as accountants--do not have enough time or training to fully comprehend what they must do as business professionals to even explain how to handle the VAT.

The VAT is scheduled to begin Jan. 1, 2001, and the government decided to begin it to reform public finances.

Revenues from the VAT are designed to replace any revenues from Customs duties. The country was forced to reduce these duties because of its agreement with the Euro-Mediterranean Partnership, the Arab free-trade area and the World Trade Organization.

You may like these other stories...

Hertz and Icahn make peaceThere won’t be any nasty, protracted proxy battle between Hertz Global Holdings and activist investor Carl Icahn. The rental car chain agreed last Thursday to give Icahn – who has...
For bitcoin users, the taxman cometh. And you best know how to calculate taxes owed on what the IRS calls convertible virtual currency.In March 2014, the IRS issued Notice 2014-21, which declares virtual currency will be...
Majority of House of Representatives urges leadership to preserve cash method of accounting for tax purposesA bipartisan majority of the House of Representatives – 233 members – has signed a letter urging House...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.