MP Ibrahim Kanaan criticizes budget proposal for 'lack' of economic vision

Head of the Finance and Budget Committee, MP Ibrahim Kanaan, emphasized that the Committee did not cancel Article 58 of the budget proposal related to the method of collecting a 10 percent tax on the revenues of stocks, bonds, and deposits of Lebanese citizens abroad, contrary to what some media outlets claimed.

 Instead, it became Article 42 of the revised proposal.

Speaking in the Parliament, Kanaan pointed out the absence of an economic and social vision in the budget proposal referred to them. He criticized the low percentage of allocations for capital expenditures, highlighting its "randomness" in introducing taxes and fees, as well as the arbitrary nature of some allocations.

He noted that the Committee canceled provisions related to tax amendments and the introduction of new taxes and fees due to their violation of the Constitution. 

Kanaan highlighted that the government aims to secure additional revenues for the treasury without considering the economic and social conditions, the economy's financing capability, and the citizens' ability to bear the burden.

Kanaan stated, "The government is unaware of the detailed revenues it generated during the years 2022 and 2023, and it is oblivious to the dollarization of some fees in 2022, especially airport and port fees. It also ignores what each budget amendment could contribute regarding revenues."

He added, "The lack of vision is accompanied by a lack of consistency in the proposed amendments to existing fees. Some fees have been increased tenfold, such as traffic fines, others 40 times, like some financial stamp duties, and yet others have been raised 180 times, like locally produced alcoholic beverages."