Kanaan: “Deposits are a red line,” and tax reform requires a radical overhaul.

The head of the Finance and Budget Committee, MP Ibrahim Kanaan, stated following the committee’s meeting dedicated to discussing the budget on Thursday, that “the constants adopted by the committee regarding legal deposits have been renewed,” and strongly emphasized that “they must not be touched, and that the state, the Banque du Liban, and the banks must bear their full responsibilities in this file.”

Kanaan explained after the Finance Committee meeting that “tax reform requires a comprehensive workshop,” and announced the committee’s categorical rejection of any new taxes or fees imposed on citizens in order to cover the budget deficit.

He stressed that “solutions are now required, as the public sector cannot continue as it is today, nor can the state or the salaries of its employees remain in this form,” and called for the adoption of an integrated vision that ensures the achievement of the desired financial and administrative stability.

In conclusion, Kanaan indicated that the committee “will hold a session with the Governor of the Banque du Liban to clarify the financial and monetary reality and follow up on developments in this area.”