Real estate related economic and financial news covering the MENA region.
Lebanon to raise VAT
May 27, 2012
Lebanese finance minister, Mohammad Safadi has said the revised 2012 budget draft includes a new 15% tax on profits made through real estate transactions and a 2% hike on both VAT and interest-revenue taxes, The Daily Star has reported. The new draft budget revised the value added tax from 10 to 12%. The planned real-estate tax would apply to sales of land and real estate purchased after 2009, while property bought before 2009 would be taxed 4% of the total sale amount, the minister said. The 5% tax on deposit interest revenues would be increased to 7% rather than the previously sought 8%, Safadi added.