Doing Business in Lebanon A tax and legal guide

The Republic of Lebanon is situated in the Levant on the eastern most part of the Mediterranean Sea, with Israel to the south and Syria to the north and east. Lebanon is divided into six governorates, with Beirut as the capital. The currency is the Lebanese pound (LBP). Lebanon is a parliamentary democratic republic. The Lebanese economy is service-oriented, and its main growth sectors include banking and tourism. GDP reached 2.5% in 2014, compared to 1.5% in 2013, according to the Central Administration for Statistics. The government continues to favour a strong role for the private sector in a liberal policy environment. Arabic is the official language, with English widely spoken and used in business. Legal and regulatory framework In essence, Lebanon follows the ‘civil law system’. It acquired the main elements of its judicial and legal systems under the French mandate (1920-1943) and has retained most of them to date. The President is elected by the parliament for a six-year term. The President and Parliament choose the Prime Minister. Executive power is exercised through a Council of Ministers appointed by the Prime Minister and approved by the Parliament. The Government determines overall policy, appoints senior administrators and submits proposed legislation to Parliament.