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Decision to cut back 50% of income tax draws support

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07-05-2012 | 08:19

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Decision to cut back 50% of income tax draws support

Ministers of Finance and Industry have briefed the Beirut trader’s union on the new draft resolution approved by cabinet on Monday. The resolution proposed by the Ministry of Industry cuts back 50% of income tax on industrial exports.

The plan proposed by Minister Sabounjian will allow the Lebanese traders to buy directly from wholesalers and in turn export commodities.

For his part, Head of Lebanon’s Traders Union Nicholas Chammas announced that this step is beneficial both for the industry and for import and export.

On another note, Minister of Finance Mohammad Safadi pledged ongoing fiscal reform in hopes of relieving traders and industrialists alike.

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