Lebanon fails to elect new president at eighth attempt


Jamie Prentis
  • English
  • Arabic

Lebanon's divided parliament failed for the eighth time to elect a new president, extending a governance vacuum as the country experiences a devastating economic crisis.

Support for independent MP Michel Moawad was again outstripped by blank votes, with 52 to 37.

Two thirds of the vote in the 128-seat parliament are needed for a candidate to win in the first round, with an absolute majority required in subsequent rounds.

Some 111 MPs turned up to the session, with the high number of blank or protest votes indicates that a consensus figure is yet to emerge.

As has happened in recent sessions, some MPs wrote in mock choices on their ballots. On Thursday one vote was cast for Brazil's leftist president-elect Luiz Inacio Lula da Silva, while at last week's session another was given to Salvador Allende, the socialist President of Chile from 1970-1973.

Parliamentary speaker Nabih Berri called the next presidential session for next Thursday.

While Mr Moawad has been able to count on the support of a largely anti-Hezbollah bloc, including parliament's largest party, the Lebanese Forces, many see him as too divisive to achieve the vote threshold.

Hezbollah is the highly influential Lebanese armed group and political party that is backed by Iran.

“We cannot continue like this. Those who are waiting for regional and international agreements to elect a president are not aware of what the people are going through,” Mr Moawad said after the session.

The latest vote comes more than a month after former army general Michel Aoun left the presidential palace. It took 46 sessions and two and a half years to elect him in 2016, and that only after a series of back-door deals between key factions.

The cabinet of Prime Minister Najib Mikati has been in caretaker status for months after a failure to agree on its make-up and is thus largely powerless.

In Lebanon's confessional system, the position of president is reserved for a Maronite Christian, the parliamentary speaker for a Shiite Muslim, and the prime minister's post for a Sunni Muslim.

Mr Aoun's son-in-law Gebran Bassil has been talked of as a potential contender, as is Marada Movement leader Suleiman Frangieh, who is close to the Syrian regime and believed to be the candidate of Iran-backed Hezbollah.

The governance vacuum is causing fears that reforms needed to secure a bailout from the International Monetary Fund will not be implemented.

Lebanon's economic collapse has been described by the World Bank as one of the worst in modern history, with much of the population now living in poverty. The local currency has lost more than 95 per cent of its value, inflation is rampant and there are widespread shortages of electricity, clean water, medicines and other basic essentials.

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The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Updated: December 01, 2022, 1:52 PM