Alley merchants warn against unfair taxation of small businesses

Alley Merchants Association held a general assembly at its premises in Mount Lebanon town to discuss the current critical economic conditions in Alley, particularly in the wake of the newly enacted Law No. 1/142 imposing taxes on small businesses. President of the Association Samir Chehayeb, considered in a statement issued after the meeting that the Finance Ministry Law is unjust particularly that it targets companies which may be out of business. According to Chehayeb, the Law imposes an annual fee lump on income taxpayers as of 2015 and due by September 30 of every year, as follows: LBP 2 million for joint stock and partnership in commendams corporations; LBP 750,000 for limited liability companies LLC; LBP 550,000 for corporations and individual taxpayer companies based on real profits; LBP 250,000 for individual taxpayers based on lump sum profits and finally LBP 50,000 for individual taxpayers based on estimated net profits. Chehayeb revealed that the law in question was issued 15 years ago but was suspended until the return of the country to financial and economic stability. However, he explained: “the decision to enforce it now constitutes an economic offense,” and demanded a temporary waiver in order to review taxation policies. (Al Diyar, 21 March 2015)