Lebanon Tax Revenue Down 12.5% In Q1 as Economic Crisis Bites

Lebanon’s tax revenues dropped 12.5% during the first quarter of 2020 compared to a year earlier, ministry of finance data showed on Thursday, as a bruising financial crisis took its toll, Reuters reported. Lebanon has seen its currency plunge in value and unemployment soar since anti-government protests erupted last October. It defaulted on its sovereign debt before entering talks with the International Monetary Fund last month. The finance ministry data is the first to capture a full quarter since the protests started. Among the largest declines were in customs and value-added tax revenues, which fell by 51.5% and 42.3% respectively during the quarter, indicating a sharp fall in consumption. Read more