What is the truth behind the current rumors about changes in the calculation of VAT, and will it affect citizens?
What happened is as follows:
A merchant who used to import goods worth $100 had to pay a VAT of $11 on them.
However, the payment was made in Lebanese lira.
The $11 used to be equal to 16,500 Lebanese liras when the exchange rate was 1,500. When the official exchange rate of the dollar became 15,000 LBP, the tax value became 165,000 LBP.
This merchant takes this merchandise to sell it at retail. Let’s assume that its price remained at $100 or 10 million Lebanese liras at today’s exchange rate. Adding the 11% VAT, its price becomes 11,100,000 Lebanese liras.
Source: www.lbcgroup.tv
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