Lebanese economic bodies issued a statement today affirming that the approval of the law aimed at amending income tax and allowing taxpayers to conduct an extraordinary revaluation of their inventory and fixed assets is of significant and strategic importance for private institutions. They pointed out that maintaining the status quo will unjustly burden them with substantial costs that are not warranted due to inflation.
The economic bodies warned that a failure to study and expedite the approval of this law would have devastating repercussions on legitimate private sector institutions and their employees, noting that these institutions were the main reason for Lebanon's resilience and the restoration of the economic and social situation in the country.
They viewed the government's project in this regard as a good basis for discussion, given that its content appeared in two separate items in the draft 2024 budget, which were discussed and approved in the Finance and Budget Committee but were overlooked in the general session of the parliament. It also aligns with a similar law proposal submitted by MP Neemat Frem.
They concluded by stating that, as time is running out and deadlines are tight, the approval of this law meets the needs of the private sector, preserves private institutions and their employees, and serves the national economy and public interest. The economic bodies urge the esteemed deputies, led by the Chairman and members of the Finance and Budget Committee, whom they rely on for financial and economic revival, to expedite the study and immediate approval of this law to achieve the higher national interest and support the Lebanese private sector, which is a pillar of the country's resilience and resurgence.
