Tax collection half its economic potential. IMF suggests myriad of additional and increased taxes

Tax collection is weak. It has been driving a drop in public revenues since 2010, and remains below the regional average, according to the International Monetary Fund's recent report, 'Article IV consultation for Lebanon.' It said that tax collection is only 50 percent of estimated capacity.

A weakness in electronic tax declaration system and staff numbers, among others, was cited as reasons behind the deficiency in total tax revenues.

"Tax administration increased by 120 staff me...

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Lebanese firms, nationals in recent U.S. Iran sanctions. Allegedly associated with missile program

Two Lebanese individuals and four companies (some of which are associated with the said individuals) are included in new sanctions against Iran announced by the United States on Friday. The targeted entities were allegedly associated with Iran's missile program and a network accused of providing cash transfers to Hezbollah.

Those sanctioned include:
Yehya Hajj
Mohamed Abdul Amir Farhat
Maher Trading and Construction (Hassan Ibrahimi, Yehia Issa Mohamed Hajj, Ahmad Hassan Man...

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O Monot Suites to launch by Achkar Real Estate. $22 million investment for 45 apartments

Achkar Real Estates, owner of O Monot Boutique Hotel, is planning to open O Monot Suites, a furnished apartment project adjacent to the hotel in Monot Street, Saifi.

Investment in the project is estimated at $22 million including the cost of the land. Construction works are expected to start in early 2019.

Ghazi Achkar, Chairman of Achkar Real Estates, said that he purchased the land five years ago with a cost of $8 million.

The project will comprise 22 floors, with a tot...

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Five star hotels gain higher occupancy. Decrease in room rates

The average occupancy rate at Beirut hotels rose one point to 59 percent last year compared to 2015, according to Ernst and Young's 'Benchmark Survey of the Hotel Sector in the Middle East' on the performance of four and five star hotels.

E&Y reported that the average room rate decreased by 15 percent in 2016 reaching $138. The room yield dropped 13 percent to $82.

Beirut Occupancy rates increased although the number of tourists recorded 11 percent increase last year compared to ...

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Fayez Rasamny acquires more shares in RYMCO. Value of acquisition is $9.6 million

Local firm Shift sal Holding has acquired the shares of Kuwaiti firm Mohamad Abdul Mohsen al Kharafi and Sons at Rasamny Younis Motor Company (RYMCO), the exclusive dealer of Nissan, Infiniti, and other car brands.

Shift, whose main shareholder is Fayez Rasamny, bought 3.1 million Class B shares at a value of $9.6 million. Rasamny is also chairman of RYMCO. He currently owns around six percent of the shares.

The purchased shares represent 38.07 percent of total shares of RYMCO. The...

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