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.
