The Real Estate Syndicate of Lebanon recommends clarifying the new tax law affecting the sector

 In the closing ceremony of the first Lebanese annual real estate forum “Real Estate Sector: Basis for Economic Growth”

The Real Estate Syndicate of Lebanon – REAL concluded the first Lebanese real estate forum “Real Estate Sector: Basis for Economic Growth” at Phoenicia Hotel, Beirut, held from Monday to Tuesday November 27, 28, 2017. During these two days, speakers from different fields discussed the difficulties facing the sector and the possible solutions, investment, infrastructure, taxes and green building. During the closing ceremony, trophies were distributed and students who participated in the workshop organized by the Syndicate at AUB entitled “Real Estate Brokerage Course” received certificates of participation.

After the closing ceremony, the forum recommended the following:

• Stability and economic growth are the best guarantee to the welfare of the real estate sector
• To implement a motivational policy based on exempting Lebanese expatriates from registration fees
• To give foreigners willing to buy luxurious apartments over one million US Dollars permanent residency in Lebanon
• To limit the real estate speculation to one entity applying clear and unified criteria
• To review the new tax law affecting the sector since it is the main cause of its deterioration, therefore the forum recommends to organize a dialogue between all actors, the Ministry of Finance and financial institutions related to the tax policy
• To highlight the importance of transparency in terms of tax legislation
• To clarify the new tax law affecting the sector especially that its implementation is still ambiguous
• To apply the E-Government through classifying information in public and private institutions and to provide the essential services and protection needed
• The forum stressed on the role of the real estate sector in pushing towards green building due to its importance on an international level and because it leads to lower the costs on the long term, while respecting the international criteria
• To extend the communication with the international donors to provide the necessary funding for the development projects, especially with the European Union and the international funds
• The real estate sector and especially the contracting sector must collect its dues from the Lebanese Government because it is the main provider of infrastructure
• The forum highlighted the importance of the private-public partnership and the primary role of the real estate sector in it. The adoption of the partnership law in the Parliament helps developing the infrastructure, boosting the real estate and sales sector and supporting the Economy
• To quickly find solutions for the bureaucracy affecting negatively the contractors and developers when completing transactions in the Lebanese official institutions
• To provide an organized transportation system and to improve infrastructure especially highways and traffic, which is beneficial to the sector
• To implement a plan for constructing affordable and supported houses, suitable for all
• To implement transparency in all official administrative procedures related to the sector completed by the Government and especially the Ministry of Finance
• To support the project-law of initiating the career of real estate brokers and consultants, presented to the Lebanese Parliament
• To increase the workshops organized by the Real Estate Syndicate to replace chaos with organization