Khalil: Budget Will be Approved without New Taxes

In light of a cabinet meeting scheduled for Wednesday to discuss the state's fiscal budget, Finance Minister Ali Hassan Khalil said there are genuine intentions to approve the budget this year after Lebanon failed to approve one since 2005.

“As the result of a joint will between political parties, for the first time in years the budget will be discussed with the intention of approving it,” Khalil told al-Joumhouria daily in an interview.

“I am keen for a balanced budget that includes a start for reforms without affecting the poorer classes. And I hope from which we will be able to begin reforms on the tax system,” he added.

To a question about the 27 tax items included in the draft budget, Khalil said: “The finance ministry did not include any new taxes other than the ones approved during the parliament session that discussed the wage scale issue.

“Taxes were added solely on bank revenues, big corporates and real-estate operations for non-low-income earners,” he pointed out.

The minister concluded that he included the wage scale in the draft budget which compelled him to include the taxes, that were initially approved in the parliament, for funding.

Due to conflicts between the rival political parties, Lebanon has not approved a state budget since 2005 and its public debt has amounted to around $70 billion.