IDAL exempts IT firms from NSSF fees. Up to 15 employees per company eligible

Telecom and IT companies that qualify for incentives from the Investment and Development Authority in Lebanon (IDAL), can become exempt from paying employee subscription fees to the National Social Security Fund (NSSF).

IDAL will pay the NSSF subscription fees for up to 15 employees per company.

IDAL has prepared the implementation decree and referred it to the Cabinet. The law will come into effect once it is signed.

IT and telecom companies that are expanding their busin...

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Public wages soar 18 percent to $6.4 billion.

The State's total personnel cost including social benefits, retirement and end of service indemnities, surged by 18 percent in 2018 to $6.4 billion, according to the Ministry of Finance (MoF).

The cost grew by a compound annual growth rate of 8.4 percent over the period 2011-2018.

The $1 billion jump in costs seen in 2018 was mainly driven by the new salary scale granted to public sector employees in August 2017 and which took full effect in 2018. The salary scale only had a partia...

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Jounieh Highway expansion starting. The project will finish in 30 months

The expansion of Jounieh Highway will start before the end of the year, according to Ramzi Salman, CEO of Société D'Entreprises Abdul Rahman Hourie, the company which won the tender along with Consolidated Engineering and Trading (CET).

The highway will be expanded to new width of 50 meters. It will include three lanes plus one safety lane in each direction. It will cover 10.5 km of the highway from Nahr El Kalb to Tabarja.

The cost of the project is EUR48 million (...

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Restaurateurs’ eyes are on Mina El Hosn. Ten restaurants opened recently and more to come

Mina El Hosn has seen the opening of more than ten premium dining restaurants in the last three years, including both Lebanese and European cuisines, according to 'The party has moved to downtown', a cover story published in the August issue of Lebanon Opportunities.

Boubess Group, a company behind several F&B concepts, has paved the way for a number of chains to tap into the area. It has opened two outlets under the brands Cucina and Métropole in Mina El Hosn.

Other restau...

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Industrial raw materials exempted from Customs hike. Council of Ministers needs to approve list of exempted products

The Higher Council of Customs, following the Ministry of Finance's circular, issued a decision that exempts industrial and agricultural raw materials from the three percent custom duty, which was recently imposed in 2019 budget.

According to this decision, industrialists who can provide an industrial license issued by the Ministry of Industry are exempted from paying the newly introduced custom fees.

The three percent customs duty was recently approved in the 2019 budget, on impor...

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85 percent cuts on overdue tax fines. Repayment by installment is allowed

Taxpayers can benefit from an 85-percent cut on fines imposed on unpaid taxes provided they settle the overdue taxes and the related reduced fines by the end of the current year, according to the 2019 budget law.

The cuts pertain to taxes imposed by the General Directorate of Finance and by other public departments and public institutions, as well as municipalities and other public bodies.

Overdue car registration fees (mecanique) also benefit from the fine deductions.

The b...

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Airport fees increase on business and first class travel. Fees down on long haul private jet trips

Fees for departing passengers using business and first class flights as well as private jet and yacht tickets have been increased, according to the approved budget law. The law will come into effect starting from August 1, 2019.

The distance criterion for the new fees become 900 kilometers (km), instead of 1,250, according to Mohamad Chehabeddine, Director of the Civil Aviation Authority.

For trips with a final destination of over 900 km from Beirut, fees have increased from LL50,...

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37,000 new public transportation plates to circulate.

The Traffic and Vehicle Management Authority will circulate 15,000 public transport license plates for cars, 15,000 for mini buses, 6500 for trucks, and 500 for tank trucks.

The car plate costs LL40 million ($26,600). Those for mini busses and tank truckscost LL50 million ($33,300), and those for trucks cost LL55 million ($36,600), according to the budget law.

A joint decision of the Ministries of the Interior and Municipalities (MoIM) and Finance (MoF) will specify the necessary ...

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Touch buys new premises in Beirut Central District for $75 million.

Touch, one of the two local mobile operators, has acquired its new premises located in Beirut Central District for $75 million, according the Media Office of the Minister of Telecommunications.

Touch, which is owned by the Lebanese state and operated by Kuwait-based mobile telecommunications company Zain, has signed two agreements with the owner of the building. The agreements involved revoking the existing rent contract and replacing it with a purchase deal.

The Media Office sai...

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Tourism’s contribution to GDP grew 11 percent last year.

The contribution of travel and tourism to GDP was $10.4 billion last year, representing 19 percent of the Gross Domestic Product (GDP), according to the World Travel and Tourism Council (WTTC).

The sector's contribution to GDP increased by 11 percent in 2018, compared to the preceding year.

Out of the total, $9.3 billion was generated from foreign visitors, according to the WTTC.

The total amount includes direct contributions represented by subsectors such as hotels, trave...

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