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Value Added Tax is the common system of turnover tax implemented...
VAT will be intreduced in Lebanon starting from 2001
At its simplest, VAT is a tax on consumption. However, unlike sales taxes (which are dealt with by a limited number of businesses at the wholesale or retail stage) VAT is a multi-stage tax (applied at every stage of the production process), which is applied to both goods (tangible property) and services.
Additionally, although the tax is ultimately borne by the consumer (by being included in the price paid), responsibility for charging, collecting and passing the tax on to the tax authorities, rests with the supplier.
How does the tax work?
Basically, a business will pay VAT (input tax) on its purchases and charge VAT (output tax) on its sales. The difference between the two will be the amount of VAT due from the business (Tax on the Value Added).
For example:
SALES 150 15
Purchases 100 10
Net VAT due 5
Net profit 50
VAT on profit 50 x 10% 5
Is it really as simple as that?
Unfortunately no! Whilst the principles of the tax are reasonably simple, applying the tax in practice is far more complicated -- output tax is not chargeable on all sales and input tax cannot be reclaimed on all purchases. At the same time, dealing with the VAT consequences of every transaction, submitting returns on time and finding the funds to pay the tax can prove a significant drain on business resources.
Why should I be interested in VAT?
VAT affects every transaction and, with the current proposed rate being 10 per cent, mistakes can be costly and involve large amounts of tax. In addition there can be penalties and interest charges for mistakes and the late submission of returns.

Therefore, all businesses need to ensure that they are dealing with their VAT affairs properly, are collecting the right amount of tax and are submitting and paying tax returns on time.

VAT Lebanon can help you comply with all your VAT obligations, deal with the authorities on your behalf and help you understand and cope with the increasing complexities of the tax. It can also act as a support function on a daily basis, when you have questions or require help. Above all, VAT Lebanon can offer you peace of mind.
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