The package of taxes passed last year includes raising VAT from 10 to 11 percent. It is expected to raise $1.2 billion per year. (The Daily Star/Mohammad Azakir)
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Economy and Trade Minister Raed Khoury warned traders and merchants Wednesday against raising prices more than 1 percentage point.The government raised the VAT from 10 percent to 11 percent as part of a tax package intended to secure enough funds to finance the salary hike for civil servants and Army personnel.Some economists feared that merchants may exploit this measure to manipulate prices of commodities.Khoury insisted that the 1 percentage point increase has no significant impact on the prices of commodities.
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