3) We wish to share some of our thoughts on this item of State Revenue with our readers, particularly the ones who are interested in participating with us in the "National Race for Debt Stabilization".
4) Income Tax on profits represented, in 2006, about 6% of the total Revenue of the State. The question is whether this amount can be "optimized" further and by how much?
5) We believe that we should request the Ministry of Finance to provide us with more information on this item, and in particular:
a) An analysis of the Profit Tax Revenue by the different sector sources: industry, trade, agriculture,tourism, finance, real estate to determine the relative contribution of each sector.
b) An analysis by taxpayer size (large taxpayers and others)
6) We understand (from the Paris III Report - paragraph 97) that the government plans to introduce in 2008 a "global income tax GIT" without any changes in the tax rates . This move is intended to generate about 1% of GDP of additional revenue over three years or 300 billion Lebanese pounds. We would like to know more about the GIT considering that the government intends to implement it within six months.
7) We wish to know if exporters and tourist operators will get substantial income tax allowances to support these vital sectors of the national economy.
8) We would like to know if Lebanese corporations operating overseas are being taxed on their profits or if they benefit from the double taxation clause.
9) Finally we ask the Ministry of Finance to reveal their estimated income tax on profits figures for the years 2007 to 2011.
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