Khalil speaks during the conference in Beirut, Thursday, March 30, 2017. (The Daily Star/Mohammad Azakir)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Finance Minister Ali Hasan Khalil Thursday said that the government aims to reduce the 2017 budget deficit by part of a percentage point compared to 2016, from 9.3 percent down to 8.7 percent of gross domestic product.Khalil projected government expenditures at LL23.67 trillion ($15.7 billion) in 2017 and revenues at LL16.38 trillion ($10.87 billion). As a result, the projected deficit growth rate will stand at 2 percent, which is still low and needs further measures to improve it, according to Khalil. Khalil said that all donations and loans would be included in the budget.Khalil said that the ministry also aims at working and approving future budgets on time.Among the proposed taxes in the budget are increasing the value added tax from 10 to 11 percent, increasing taxes on the companies' profits from 15 to 17 percent and increasing tax on interest on deposits from 5 to 7 percent. Khalil declined to say why government did not include the $850 million tax in the draft budget.
Hajj Hasan says Syria trip aims to boost trade
BLOM boss: Don’t overload Central Bank
Economists urge government to reduce deficit
FOLLOW THIS ARTICLE