The Republic of Lebanon is situated in the Levant on the eastern most part of the Mediterranean Sea, with Syria to the north and east. Lebanon is divided into six governorates, with Beirut as the capital. The official language is Arabic, and the currency is the Lebanese pound (LBP).
Lebanon has a long tradition of domestic free trade and investment policies, with free market pricing for most goods and services, an unrestricted exchange and trade system, and extensive links with the developed world in practically all economic activities. The government continues to favour a strong role for the private sector in a liberal policy environment. The Lebanese economy, characterised by freedom of exchange and transfers, is based on private initiative. The Lebanese economy is service-oriented, and its main growth sectors include banking and tourism. Despite the political instability, the growth of real gross domestic product (GDP) reached 2.5% in 2017, compared to 1.8% in 2016, according to the World Bank.
Lebanon is a founding member of the United Nations (UN) and the League of Arab States and is a member of all international organisations under the auspices of the United Nations (e.g. UN Educational, Scientific, and Cultural Organization, Food and Agriculture Organization, International Fund for Agricultural Development), the International Bank for Reconstruction and Development (i.e. the World Bank) and its affiliates (i.e. the International Finance Corporation and the Multilateral Investment Guarantee Agency), the International Monetary Fund (IMF), and the International Development Association (IDA).
PwC has been in Lebanon for over 50 years. PwC Lebanon is organised by industries, including banking and capital markets; energy, utilities, and mining; financial services; government/public services; health industries; industrial products/manufacturing; insurance; Islamic banking and Takaful; real estate; telecommunication; and transportation and logistics.
PwC Lebanon is part of the PwC Middle East Tax practice, with over 25 tax partners and 400 professional staff. The PwC tax practice provides assistance in indirect taxation (VAT and customs) and fiscal reform, international taxation, mergers and acquisitions/private equity, services to United States (US) citizens and green card holders, tax advisory, tax management and accounting services, and transfer pricing.
PwC is the only professional services firm in the region that can offer genuinely integrated legal services (www.pwc.com/legal) alongside other PwC consulting services. PwC Legal is the network legal firm of PwC and is now firmly established in the region.