NNA - Head of the Parliamentary Finance and Budget Committee, MP Ibrahim Kanaan, on Wednesday opened the budget session at the House of Parliament by expressing concerns about the economic and social vision lacking in the presented budget. He highlighted the insufficient allocation for capital expenditures, noting the randomness in introducing taxes and fees.
“The committee has rejected articles related to tax amendments and the introduction of new taxes and fees, citing constitutional violations,” Kanaan said, criticizing the government for aiming to secure additional revenues without considering the economic and social conditions and the financial capacity of the citizens.
Addressing the lack of vision, Kanaan pointed out inconsistencies in proposed amendments to existing fees.
“Some fees were raised tenfold, while others saw a 40-fold increase, and some were hiked by a staggering 180 times, such as fees on locally produced alcoholic beverages,” Kanaan stated.
Contrary to some media reports, Kanaan clarified that the Finance Committee did not cancel Article 58 of the budget proposal, which concerns the collection of a 10% tax on the revenues of stocks, bonds, and deposits of Lebanese nationals abroad. Instead, the committee amended Article 42 of the modified budget proposal.
Highlighting the committee's actions, Kanaan emphasized that they scrutinized the budget from the government and made substantial financial reforms.
“We’ve eliminated the tenth article allowing the coverage of interest on development loans, exposed favoritism in granting these loans, and questioned the specific beneficiaries,” Kanaan explained.
“The committee allocated funds, including LBP 10 billion for cancer and chronic disease medications and LBP 1 billion for municipal and local elections. Adjustments were made to allocations for various administrations, addressing specific needs, such as nutrition and liquid fuel expenses for military and security agencies,” he added.
Kanaan concluded by noting that official documents from the Ministry of Finance revealed an increase in imports from LBP 277 trillion to LBP 320 trillion — a difference of over LBP 40 trillion.
===========R.H.
