The Lebanese government has selected the Sweden-based Global Refund company to manage its Value Added Tax (VAT) refunds system for tourists. The firm will charge participating retail stores an annual fee of 69,000 Lebanese pounds ($46) for its refund services.
Purchases valued at $500 or less will be reimbursed upon the tourists’ departure at the airport. This maximum spending limit is expected to be raised to $1,000 in the near future. VAT on purchases exceeding this limit will be deposited into the travelers banking account or sent in the form of a check to a specified address.
Global Refund is a company with local organizations in more than 30 countries in Europe, Asia and the United States. More than 190,000 retailers have selected Global Refund as their tax free shopping service for their customers. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
