May 07 2019 - 13:26
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State treasury sustains huge losses as a result of tax evasion

At least $3 billion fail to reach the Lebanese state’s treasury Lebanon, news ,lbci ,أخبار Tax,Lebanon,At least $3 billion fail to reach the Lebanese state’s treasury
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Lebanon News

At least $3 billion fail to reach the Lebanese state’s treasury as a result of tax evasion.

 
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One billion from this amount is lost by the state due to tax evasion practiced by companies, institutions, traders and self-employed individuals, such as lawyers and physicians, when they declare to the Finance Ministry an income less than their actual revenue.

 

The state loses another $700 million due to manipulation or evasion of customs fees and smuggling operations conducted through illegal border crossings.

 

Similarly, evading the Value Added Tax by some companies also cause the state to lose around $700 million.

 

Many other examples of tax evasion can be given in Lebanon, leading the state to lose billions.

 
 

For more details, watch the full report in the video above

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