The Ministry of Finance (MoF), has issued and published the here below the Decision No. 1583/1 dated 30 October 2018 granting the taxpayers subject to tax adjustments tax penalties rebates covering all the tax infringements related to income tax, VAT, built property tax, inheritance tax and the indirect taxes and fees that occurred until 30 October 2018.
The delay tax declaration penalties are reduced for all tax infringements incurred prior to 30 October 2018 (inclusive) as follows:
- Variable penalties are reduced by 85%,
- Lump sum penalties are reduced by 60%.
The delay tax payment penalties are reduced for all tax infringements (including those related to the fiscal stamp duty) incurred prior to 30 October 2018 (inclusive) by 75%. This being précised, it should be noted however that the variable or the lump sum tax penalties for delay declaration or payment cannot be less than LBP 50,000 in any case after reduction.
Thus, according to this new MoF Decision No 1583/1 dated 30 October 2018, the tax penalties rebates are applicable to all tax adjustments settled before the 31st December 2018.