Saudi Press

Saudi Arabia and the world
Monday, Jun 30, 2025

Lebanese facing tax rises and more expensive imports

Lebanese facing tax rises and more expensive imports

Lebanon has officially adopted a new exchange rate on imports ten times the previous level, in a move that will deepen economic misery in a country already suffering hardship.
The new customs exchange rate of 15,000 Lebanese pounds a dollar replaces the previous rate of 1,500, which was in use for nearly three years.

The customs dollar is the price for calculating the customs value of imports, and is paid in Lebanese pounds.

Public concern has already risen about the ability to control instability in the markets, as merchants began adding goods to be included on the new rate.

Imports in the first seven months of this year reached $10.5 billion, and the total import for the whole year may reach $18 billion, which is a record close to pre-crisis levels, and it was interpreted as a preemption to raise the customs dollar rate.

Imported goods included cars, phones and electrical and electronic equipment.

Amin Salam, the caretaker economy minister, said on Friday that he would not authorize any additional fees that would pile further pressure on consumers buying essential items such as food.

He added that 70 percent of food commodities were exempt, and their prices would not be affected by the new rate.

The remaining products would be studied carefully, he said, adding that the government had “demanded the exemption of additional commodities, which delayed the issuance of the exempted commodities lists.”

Lebanon is suffering its worst economic crises in decades and a dramatic deterioration in the value of the national currency, which hit 41,500 to the dollar on the black market on Friday.

Salam added that his ministry, the Internal Security Forces and the State Security Apparatus had obtained signed pledges from merchants that stock already in Lebanon would be sold at the previous dollar exchange rate.

The merchants signed the pledge after some initial hesitation, he added.

Mounir Al-Bassat, head of the Syndicate of Food Industries in Lebanon, said that most raw materials for the food industry were exempt from customs, and that a lot of food was grown locally.

Al-Bassat said that the share of local produce in markets had risen from less than 30 percent before the economic crisis began to bite to between 50 percent and 60 percent now.

The raising of the exchange rate is one of the demands of the International Monetary Fund, along with raising customs and tax duties.

Bechara Al-Asmar, head of the General Labor Union, told Arab News that the state still had no economic recovery plan.

“All we are doing is reacting. Daily remedies for crises absorbed by the worsening collapse,” he said, adding that the government was paralysed by disagreements.

He noted that the fall in the value of the Lebanese pound had led some employers to pay a portion of salaries in dollars. Those dollars are now subject to a new tax.

Value added tax, or VAT, which is applied on purchases and some services, is also set to rise ten-fold in line with the change in customs rates, and could happen as soon as February when the official exchange rate is unified with the new customs level.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Black Box Recovered from Air India Crash Site
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
×