Life insurance to be taxed at ten percent. Decision needs more clarification according to insurance association

The Ministry of Finance has issued a decision to tax profits and revenues from life policies. The tax is set at ten percent.

The tax should be paid one month following profit registration or distribution. The decision does not include heirs of the policyholder. Heirs are subject to an accession tax.

Carla Abdo, Chairperson of the Life Committee at the Association of Insurance Companies (ACAL), said: "This decision is unclear and might create problems between the tax administration ...

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MEA codeshares with Turkish Airlines.

Middle East Airlines (MEA) has signed a codeshare agreement with Turkish Airlines.

The agreement will enter into force on May 15. Under the terms of the agreement, MEA and Turkish Airlines will place their codes on their respective flights between Beirut and Istanbul.

Turkish Airlines will operate three daily flights on the sector Istanbul-Beirut-Istanbul, while MEA will be operating two daily flights.

Turkish Airlines, a member of Star Alliance, has a fleet of 337 aircraf...

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Fujilift plans elevators factory. To export 650 units per year

Fujilift, a manufacturer of elevators, will open a factory in Mkalles in early 2018.

Investment in the project is $6 million. Rafic Maroun, General Manager, said that the company borrowed a subsidized loan to finance the project.

The built up area of the plant is 4,500 square meters. The factory's machines are imported from Switzerland, Holland, and Japan.

The production capacity of the factory is 1,000 elevators per year. Maroun said that around 65 percent of the producti...

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Solidere reverses losses into profits. Share price closes at above $9

Solidere achieved total audited profits of $75 million in 2016. Excluding Solidere International, profits from local operations reached $63 million.

Solidere managed to turn its losses in 2015 into profits after being able to sign 11 new sales contracts in 2016 for 73,370 square meters (m2) of built up area, at a value of $218 million, averaging $3,000 per built-up square meter. In 2015, Solidere's losses reached $119 million.

As a result of the difficulties faced by investors who ...

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Bchamoun cosmetics factory to produce German brand. Skin care, lotions, shampoos, and disinfectant products

Original Dental, a medical equipment supplier, will open a factory for cosmetics and disinfectant solutions in Bchamoun late this month.

The company will produce 13 products including skin care, lotions, shampoos, and disinfectant under Aqua Distel and Ozonide brand names. Nabil Bilalli, General Manager, said: "These are German brands, which we used to import, pack, and distribute previously. We signed a franchise agreement to produce them locally to reduce our costs."

Investment ...

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