Lebanese Business Leaders’ Association (RDCL): We urge parliament members to complete the study of the 2024 budget project, considering it a legislative necessity to avoid its issuance by decree in late Jan. 2024.

The budget’s repercussions include a 25% tax on privatesector employees and freelancers with a monthly income or profits above $1800, due to a 3.6-fold increase in tax brackets amid a 60-fold currency depreciation.

RDCL warns against adopting the current budget without modifications, emphasizing its detrimental impact on the legal private sector and its employees. The budget’s current form poses risks, including a 7% tax on re-evaluation inventory and assets resulting from exchange rate deterioration, burdening the legal private sector with taxes on paper and imaginary profits. This revaluation tax, due to currency devaluation, should be free.

The budget introduces additional taxes and suggests exchangerate unification before enacting a fair social security law, potentially increasing the illegal private sector and causing brain drain while reducing the tax base.

RDCL warns that adopting this budget in its current form without modifications, will constitute an additional blow to the legitimate private sector and its employees.

The budget is a vital and essential matter for citizens and private institutions, and is necessary to ensure the continuity of the State and its institution. Therefore, RDCL calls on parliament members to consider the budget law a matter of extreme necessity and reiterates the importance of electing a president, especially in the current circumstances.