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Lebanon raises VAT to 12 pct in 2012 draft budget

Lebanon plans to increase value added tax in 2012 to 12 percent from 10 percent, said the country's finance minister, to raise additional revenues and avoid further borrowing on international markets.

October 5, 2011 10:35 by

Finance Minister Mohammed Safadi said the 2012 budget projects the ratio of debt to gross domestic product will fall to 132 percent from 135 percent.

The budget has yet to win the approval from the cabinet and the parliament. (Reporting by Mariam Karouny; editing by Patrick Graham)

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