22 February 2017
BEIRUT: Lebanese bankers warned Tuesday that raising taxes on corporate profits would deal a blow to the country’s financial sector and hurt its position as a financial hub.
Talking to reporters, Torbey said raising taxes on profits would cause damage to banks and their operations.
Bankers argue that banks in past paid 5 percent tax on interest on T-bills held by the lenders but that this tax was deducted from income tax collected by the government.
However, according to the new budget, the tax deduction has been removed, which means that banks have to pay additional taxes, and this is a tantamount to double taxation.© Copyright The Daily Star 2017.
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