Lebanon’s complex system of several exchange rates for different types of transactions can be bewildering for those unfamiliar with it.
The recent decision by the government to introduce three different exchange rates for VAT and reportedly a new one for customs is unlikely to alleviate the confusion faced by businesses and those trying to keep up with the ever-changing rate.
Since December, the country has multiplied by four the rate at which it calculates customs duties for all imported goods, which the country pays for in dollars. It has jumped from 15,000 to 60,000 Lebanese pounds to the dollar.
- Three new VAT rates
- An ‘array of rates’
Source: www.thenationalnews.com
