Fiscal Adjustment during Political Turmoil - Lebanese Economic 政治动荡-黎巴嫩经济在财政调整.pptVIP

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Fiscal Adjustment during Political Turmoil - Lebanese Economic 政治动荡-黎巴嫩经济在财政调整.ppt

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Fiscal Adjustment during Political Turmoil - Lebanese Economic 政治动荡-黎巴嫩经济在财政调整

Fiscal Adjustment during Political Turmoil: Fiscal Burden of Lebanese Government’s Economic Reform Program Ms. Sherine Shallah Economic Officer, Office of the Minister of Finance LEA Founding Member LEA’s inaugural policy roundtable: “PARIS 3 AND THE POST-WAR LANDSCAPE: LEBANON’S ECONOMIC POLICY IMPERATIVES” The Lebanese Government has approved an economic program that involves fiscal adjustment of 4,366 billion LL Primary deficit in 2006: 220 billion LL Projected primary surplus in 2011: 4,146 billion LL The gradual uncapping of the gasoline excise will yield 590 billion LL Excise rate will be raised from 250 LL/liter (as of January 2, 2007) to 300LL/ liter at the end of 2007 Excise rate will be raised by approximately 50 LL/liter per year over 2008-2011 to 490 LL /liter in 2011 Additional burden to consumers per year from 2007 to 2011: 1,000LL/liter Additional revenues of 290 billion LL in 2007 (small base) Additional revenues of 75 billion LL/year from 2008-2011 The increase in income tax will yield 294 billion LL, out of which 171.5 billion LL will be borne by citizens Interest rate tax will be raised from the current 5% to 7% in 2008 Tax levied on interest revenue from deposits and debt securities Incremental tax burden on LL depositors: 0.15% Incremental tax burden on US$ depositors: 0.11% Revenue yield from deposit base (2008 base): 170 billion LL Revenue yield from debt securities (2008): 124 billion LL Revenue yield from debt securities borne by individual TB holders: 1.5 billion LL The increase in VAT rate will yield 1,047 billion LL VAT increase from 10% to 12% in 2008 VAT increase from 12% to 15% in 2010 50% of household consumption exempt Incremental burden of VAT increase from 10% to 12% in 2008: 1% of spending (387 billion LL) Incremental burden of VAT increase from 12% to 15% in 2010: 1.5% of spending (660 billion LL) Out of the fiscal adjustment of 4,366 billion LL, the total incremental tax burden on citizens will be 1,809 bil