FINANCIAL NEWS

Lebanon to grow taxes to finance public sector pay

26 Sep 2017

(MENAFN) Lebanon aims to enhance taxes in order to finance a public sector pay rise, after the plan was thrown into doubt when the constitutional council canceled the next tax law.

Meanwhile, many public sector employees went out on strike after the council decided to refuse the tax law passed by parliament to finance an USD917mn public sector pay rise.

Accordingly, the government would adjust its offered tax hikes as they were the only way for the indebted state to pay for the wage increase.

The country has a debt to GDP ratio of 148 percent, one of the highest in the world and posted a fiscal deficit of USD4.9bn in 2016.

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MENAFN2609201700450000ID1095897586

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