| 6 December 2022, Tuesday |

The customs dollar is a new nightmare… Commodity prices are soaring

There is no doubt that one of the repercussions of the decision to raise the customs dollar to 15,000 pounds will inevitably lead to an increase in the cost of living for the Lebanese. On the other hand, raising the price of the dollar officially to 15,000 pounds is considered an essential step towards unifying the exchange rate, and this is conditional on approving the recovery plan that the government is working on, which would accompany that step.

But can the Lebanese homeland bear more burdens?

Some traders started a proactive import campaign for many commodities before the customs dollar was raised in order to store these commodities and then sell them later at the high price. Will the ministry actually monitor, follow up and control this matter?

Customs duties should not include consumables, food and medical items that are not manufactured in Lebanon, and their classification is among the basics and not the luxuries.

Customs duties are mainly in the interest of the local industry, in the absence of a state and regulatory bodies, as they will strike the legitimate sector and will not bring any money or profit to the state, and will, in turn, strengthen and encourage the illegal economy.

There are only 3 months left in the year, and therefore this budget will not make miracles or make a difference in the level of revenues, but will constitute a heavy burden of additional costs on the citizen.

It is true that it is illogical to continue at the price of 1500 pounds at a time when the dollar exceeds 37,000 pounds, but taking this step requires a basket of integrated reforms, a recovery plan, based on a unified exchange rate, and wage correction that is the result of growth and the state moving the economic wheel not By increasing customs duties and taxes that affect only one category of people.

  • Sawt Beirut International