LBCI

Lebanese banks refuse to pay tax on Eurobonds, lawyer says

Lebanon Economy

09-11-2026 | 04:55

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Lebanese banks refuse to pay tax on Eurobonds, lawyer says

The Association of Banks in Lebanon’s lawyer, Akram Azouri, said banks would not pay the tax related to Eurobonds, arguing that the tax is not legally due and runs directly counter to the government’s policy.

Speaking on LBCI’s "Nharkom Said" program, Azouri said the matter falls under the oversight of the State Shura Council, which, he argued, would not accept imposing losses on banks, particularly when those losses were caused by the state itself.

"We do not believe the finance minister was aware of what the Income Tax Department sent to all banks," he said.

Azouri recalled that in 2020, the government of then-Prime Minister Hassan Diab unilaterally decided to suspend payments on maturing Eurobond interest without coordinating with bondholders.

He said the decision led to an approximately 80% collapse in Eurobond prices, adding that the decline was the result of what he described as an error by the Diab government.

Lebanon News

Lebanon Economy

Lebanon

Association of Banks

Akram Azouri

Eurobonds

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