The government’s determination to increase taxes exacerbated consumers’ skepticism.
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The tax hike had a dire impact on the mood of Lebanese consumers in the third quarter of 2017, the Byblos Bank/AUB Consumer Confidence Index indicated.It added that the average monthly score of the index in the third quarter of 2017 was 44.8 percent lower than the quarterly peak score of 105.8 registered in the fourth quarter of 2008, and remained 39.6 percent below the annual peak score of 96.7 reached in full year 2009 .The Lebanese government raised the value added tax from 10 percent to 11 percent and increased taxes on corporate profits from 15 percent to 17 percent.However, private sector employees received no salary adjustments.
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