Economics

Gemayel Renews Call for Ending Smuggling and Tax Evasion to Reduce Deficit

Kataeb leader Samy Gemayel on Thursday commented on recent remarks made by Finance Minister Ali Hassan Khalil regarding illegal smuggling routes, reiterating his call for ending tax evasion and smuggling in order to reduce the budget deficit. "From the beginning, we have been saying that the main gateway to reducing the deficit without resorting to tax hikes is to control smuggling through land and sea borders and to fight tax evasion by empowering the audit control bodies and enforcing the law across the entire Lebanese territory," Gemayel wrote on Twitter.

Lebanon’s Economy Threatened by Time Factor, Int’l Reports Reduce Growth Prospects

High-level financial sources have warned against a slowdown in the process of restoring financial stability in Lebanon. The sources said that the time factor does not give the concerned authorities the margin of “luxury” that allow them to rely on the extension of public expenditure according to the “twelve-year rule” (an exception that allows one month’s payment according to the previous budget) until mid-July.

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