May 10, 2019 / 3:49 PM / a year ago

Lebanese govt agrees to raise tax on interest payments to 10% for three years

BEIRUT, May 10 (Reuters) - The Lebanese government agreed on Friday to raise the tax on interest payments to 10% from 7% for three years as part of the draft 2019 budget, the information minister said.

The government is discussing the draft budget, which aims to bring down the state deficit.

The chairman of the Lebanese banking association recently warned any increase in the tax on interest payments would affect capital flows to Lebanon, weaken banks’ ability to play their financing role in the economy, and obstruct growth. (Writing by Tom Perry Editing by Gareth Jones)

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