Lebanon's President Michel Aoun heads a cabinet session at the presidential palace in Baabda, Wednesday, Jan. 25, 2017. (The Daily Star/Dalati&Nohra, HO)
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Some taxes proposed in the new 2017 draft state budget should be scrapped, Economy Minister Raed Khoury said Saturday, warning that the salary scale threatens the fate of the new budget.These proposals include increasing the value added tax from 10 to 11 percent, increasing taxes on the interest of deposits from 5 to 7 percent, increasing taxes on companies' profits from 15 to 17 percent, placing a 15 percent tax on profits from real estate transactions and implementing a 4 percent fee on the importation of kerosene.The minister estimated the cost of financing the proposed salary scale at LL1.2 trillion ($800 million).
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