Aoun Says Financial, Economic Crises Require 'Relatively Painful Measures'

W300

President Michel Aoun announced Wednesday that a “new phase” started after the new government won parliament’s confidence.

“The financial and economic crises can no longer be resolved in an easy manner and they now require measures that will be relatively painful for the Lebanese,” Aoun said.

“I’m not trying to separate myself from other officials, seeing as I’m still in a position of responsibility and therefore obliged to fix the current situation, but today the cost has become higher,” the president added.

And pledging that “anyone who stole from the treasury will be held accountable under the law and by a special court for financial crimes involving public funds,” Aoun called for “differentiating during this period between thieves and upright officials.”

SourceNaharnet
Comments 21
Thumb eagledawn 6 days

الله يحميه
بي الكل

A fearless man - A real leader - A true statesman.

Thumb chrisrushlau 6 days

If the lenders pay off the warlords and warladies first, the rest of the aid can go more quickly to those truly in need of foreign subsidization. It's the squabbling over shares that slows down the aid process.

Thumb s.o.s 6 days

We can start by closing down Baabda , let him occupy a single room in the palace.

Let him get a couple of Ethiopians to do everything instead of having his own chefs, drivers, bodyguards, gardeners, cleaners etc. He even has a hairdresser , for what?

Thumb barrymore 5 days

He has been president for 3 and half years and it seems he just figured out the country is in total disarray and bankrupt. He's been having monthly meetings with BDL governor Riad Salameh since he. became president. He also just figured out there is corruption, there are stolen funds, and there are thieves. He speaks of 'Painful Measures' while his son-in-law was spotted shopping in one of the most exclusive malls in Switzerland.

May you and every member of your family be in eternal pain for destroying Lebanon and the future of its citizens.

Thumb Mordekaiser 5 days

income tax:
Below $6,000 0%
From $6,000 to $20,000 15%
From $20,000 to $70,000 30%
From $70,000 to $150,000 45%
From $150,000 to $500,000 60%
Above $500,000 75%

Thumb Mordekaiser 5 days

ok 15% for $6,000 per year is a bit much so 10% for first bracket... 75% for final bracket may be too little though, what do you think?

Thumb thepatriot 5 days

I think that the very few people who still make money in Lebanon will run away!
I think that this is not the way to attract any investors who will take risks in order to see 75% of their profit end up in the pocket of the state.
Sorry, this actually makes no sense...

Thumb Mordekaiser 5 days

You could always place tax exemption laws depending on the number and well being of employees an investor has....

Thumb Mordekaiser 5 days

besides??? what is there to invest in, if I had a couple of billion I won't invest in lb, no electricity and no proper infra... get those then think about investors

Thumb thepatriot 5 days

On the contrary. The state could give incentives to investors, such as pieces of land, free of rent, for a 10 year period of time, in exchange for an investor to build a factory for example... There are many ways the state could be proactive... It needs a bit of imagination... not simply tax! You need to create an economy, stimulate it, encourage it... not tax, tax, and tax! This leads nowhere!

Thumb Mordekaiser 5 days

Again, without the infrastructure, no pocket loving, sane investor dares to touch lb with a 6 foot pole... In any case, lets talk facts, there is a very small income tax now... where are the damn investors?

Missing peace 5 days

painful mzasures for who? the poor people akid while you protect the rich pigs

Missing peace 5 days

pledging that “anyone who stole from the treasury will be held accountable under the law and by a special court for financial crimes involving public funds,”

yes sure we are going to trust you... like all the corrupts you promised to bring to court, we are still waiting.....

Thumb s.o.s 5 days

He isn’t going to bring himself to court, nor his filthy daughters and in-laws.

Missing Geralt 5 days

No, he is not. But the revolutionary counsel will, I mean if one day a true and solid revolution happens it will bring all crooks and corrupt to the guillotine and make them pay in money and blood!

Thumb thepatriot 5 days

Please somebody change his diaper! It stinks!

Thumb s.o.s 5 days

How can they tax people’s income if salaries are often slashed by 50% since October.... that’s for the few lucky ones who got to keep a job.
The only way forward is to recover the stolen billions from all political clans and of course to encourage investors by removing the destabilizing element, in other words, Hizbala. Nobody in his right mind will put millions and billions with weapons roaming freely and being used internally as means of coercion.

Thumb cedar 5 days

Taxes should be as follows:
1. People must be paid electronically into bank accounts from employers.
2. 0% Tax on People earning between 0 to 15000 a year
3. 10% Tax on people earning between 15001 and 20000 per year.
4. Additional 15 percent for every Lebanese Pound over 20001 uptoo 65000.
5. Additional 20 percent for every Lebanese Pound over 65001.

Simple and fair.

Thumb cedar 5 days

Also healthcare should be totally free for any person who earns under 15000 per year and and subsidised to 80 % for those making uptoo 100000 per year.

And public housing and personal care should be available to those who are living in poverty (homeless and no - very little income)

Thumb liberty 5 days

Before you start talking about taxes; do the basic reforms! There is a $2 billion annual deficit due to mismanagement in the electricity file. The public sector is overloaded with employees who do not even go to work. The social security is also overloaded with useless employees. The army costs the treasury huge amounts of money in benefits, privileges, etc. Smuggling is another area. Then you have corruption.

I am sure if the above is fixed, you do not need to impose a single dollar in additional taxes.

Missing samiam 5 days

I have an idea---why don't the government officials make an example and not take any salaries or benefits while Lebanon goes through this since this requires 'Relatively Painful Measures'.

Since the government got us into this, they should be at least willing to do this. If not, nothing they say can be taken seriously.