Syria’s Ministry of Finance categorically denied statements attributed to Minister of Finance Muhammed Yusr Barnia concerning the value of the assets held by Syria’s sovereign wealth fund. According to the ministry, figures circulating in the media and on social networks are not based on any official statements or data. On Sunday, the ministry’s information service stressed that the minister had not announced any figures concerning the value of the fund’s property or assets. The ministry did not disclose the actual value of the assets, limiting itself to denying the claims.
In a separate statement, the Finance Ministry also rejected claims that new taxes or fees had been imposed on trade and service sectors and professions. It explained that the decisions circulating on social media concern local administrative fees and are unrelated to the state’s tax policy. The issue involves Decision No. 57 of September 27, 2026, issued by the executive bureau of the Azaz City Council in Aleppo province. The decision concerns annual administrative licenses for commercial and service establishments and sets fees for professional activities. The ministry noted that such fees are collected by local administrative units to fund and develop their services and do not constitute new taxes imposed by the central government; local councils and executive bodies have no authority to introduce new taxes.
The Finance Ministry also said it was preparing to launch a new tax system in early 2027. The system is intended to stimulate the economy through simplification and incentives for businesses, while reducing the tax burden on people with limited incomes. The planned system will be based on the principles of simplicity, fairness and tax neutrality, while tax rates, according to the ministry, will be among the lowest in the region. The plans also include improving tax compliance, combating corruption and strengthening transparency, which should improve the business climate and cooperation with the private sector.
The Finance Ministry urged citizens and journalists to rely exclusively on the ministry’s official platforms for information about financial and tax decisions and to verify figures and statements before publishing them. The ministry again called on media outlets to be accurate and cite official sources when reporting on the activities of state economic institutions. According to the ministry, these steps should reduce misinformation and strengthen trust in official information. The SANA news agency also reported on the Finance Ministry’s calls for more responsible coverage of economic policy.
News Comments
- What is Syria’s sovereign wealth fund, and why are there so many rumors and denials surrounding estimates of its assets? — Syria’s sovereign wealth fund is a state investment fund created to manage part of the country’s public assets—real estate, stakes in companies and infrastructure projects—and to finance development and reconstruction. Estimates of its assets generate many rumors and denials because they affect the budget, investor confidence, potential privatization and political accusations of opaque resource allocation, while official data are often incomplete or disputed by different parties.
- What is Azaz’s administrative status, and why might decisions by its local council on fees be perceived as the introduction of nationwide taxes? — Azaz is a city in northern Aleppo province, near the Turkish border. It is administered by local structures linked to the opposition and Turkish-backed forces rather than being under the direct control of the central government in Damascus. Its council therefore has the authority to establish local administrative fees to fund services. Such decisions may be perceived as nationwide taxes because the boundaries of authority are unclear, there is no unified tax system across all of Syria, and the media or public sometimes refer to any mandatory payments as “taxes.”
Full version: Syria’s Finance Ministry Denies the Accuracy of Circulating Figures About Sovereign Fund Assets and Taxes