The Ministry of Finance (MoF) issued on the 15th January 2025 the notification # 121/1 (attached a scanned copy) clarifying the previous notification # 3381/1 dated 31st December 2024 related to the deadlines set for taxpayers to send a request letter to inform the MoF of their will to reevaluate their inventory according to the article 2 of the Law # 330 dated 5th December 2024 (Reevaluation Law with no tax impact). The deadlines are set as follows:
– Before the 5th February 2025 for the reevaluation of the inventory of the fiscal year 2023.
– Before the 31st January 2025 for the reevaluation of the inventory of the fiscal year 2024.
This new MoF notification requires from the taxpayers willing to reevaluate their inventory to send the following documents to the MoF before the above mentioned deadlines:
– Request letter to inform the MoF of their will to reevaluate their inventory.
– This request letter should include a commitment from the taxpayer to keep all the supporting documents required by the Law #330 for this inventory reevaluation (or in a separate commitment letter).
Important clarification: This notification also specified that for those taxpayers who doesn’t want to reevaluate their inventory as at end of 2022 and have chosen to reevaluate their inventory starting from the year 2024, they will only be able to reevaluate the inventory purchased in 2023. Therefore, it is recommended to reevaluate the inventory in 2023 based on their value as at end of 2022 to be able to reevaluate the old inventory purchased before 31 December 2022 at their market value with no tax impact. This reevaluation is mainly recommended for companies with long life cycle inventory such as real estate properties available for sale or jewelry who should send a request and commitment letter to the MoF before the 5th February 2025.