Are we moving from customs dollar to TVA dollar?

Are we moving from customs dollar to TVA dollar?

| Friday 22 July 2022

Omar Al Rassi - Akhbar Al Yawm

A statement was issued by the Tripoli Port Investment Authority stating that the customs dollar in the port is now calculated according to the exchange rate of public opinion, about the uniqueness of this interest by defining the customs dollar individually, while it is supposed to be determined exclusively by a law issued by the House of Representatives.

This statement was not confirmed by the Ministry of Finance or the concerned financial authorities, nor was it denied? However, it is confirmed that it is not "legal", while the phrase "customs dollar" is not an official term, but rather is circulated in the media to refer to the collection of customs duties based on the official exchange rate, which until today is about 1500 L.L.

In this context, an economic reference explains, through Akhbar Al Yawm, that the customs dollar needs an official exchange rate, for which there is no legal framework so far, noting that the fulfillment of customs duties is within a series of laws, setting the exchange rate at 1500 L.L. . No law was issued to modify this price.

What about an exchange platform, the reference clarifies that there is no legal framework for pricing according to that platform, which has not yet taken an official legal space, but rather a framework established by the Banque du Liban through its circulars, which are in the form of laws for the banking sector that adheres to them, but they are not binding on the Lebanese economy as a whole, Therefore, it needs a legal framework to become accredited at the level of the Lebanese state.

Here, the reference goes on to say: It seems that the conditions of the International Monetary Fund to adopt the price of an exchange platform as a cut market to liberalize the exchange rate of the lira, explaining that the legalization of a banking platform is supposed to be issued within the general budget law for the year 2022 if the deputies agree when discussing it to unify the exchange rate.

Based on what is presented concerning customs duties, the reference is considered that the matter will raise another problem regarding how to determine the value of the value-added tax (TVA) and whether it will remain based on 1500 LL. to the exchange rate, warning against inventing non-existent exchange rates that increase confusion in the market.

The reference stresses that “banking” legislates by law on behalf of the Parliament, as it is the father of the authorities, and then turns into an official currency market. It is sufficient for the matter to be included in the budget law because some previous laws stipulate that the official rate is issued by the Banque du Liban.

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