Banks Warn of Double Taxation Consequences

  • Economics
Banks Warn of Double Taxation Consequences

Bankers said Tuesday they would be obliged to raise interest rates on lending and reduce rates on customer deposits if they fail to persuade the government to drop or amend the double taxation they say could erode a big chunk of their profits.

“We want to cooperate with the government for the benefit of the country and economy and we have no intention to quarrel with the authorities. But if the government insists on increasing taxes on our deposits and securities from 5 to 7 percent, then we have no other choice but to collect them from our clients,” one Lebanese banker told The Daily Star.

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Source: The Daily Star