The Ministry of Finance (MoF) issued on the 7th February 2025 the notification # 300/S1 (attached a scanned copy) reminding the taxpayers of the adjusted amounts for the built property tax income threshold, residency annual exemption and tax brackets for the year 2024 mentioned in the articles 51, 52 and 53 of the Budget Law 2024 (Law # 324) dated 12/02/2024 :
1) Any taxpayer owning or exploiting a built property or a share in a built property generating an annual rental income of greater than LBP 1,200 million by property starting from the year 2024 has the obligation to submit a built tax declaration electronically [before the 1st April of the following year] (article 52 of the Budget Law 2024).
2) The amount of the residency annual exemption has been increased to LBP 360 million starting from the beginning of the year 2024. Each owner or partner can benefit from this annual residency exemption according to his share [in two residences only] (article 53 of the Budget Law 2024).
3) The brackets* of the built property tax on the annual net income per property have been amended as follows starting from the year 2024:
|
Annual net taxable income (in LBP) |
Tax % |
|
From 1 to 1,065,000,000 |
4% |
|
From 1,065,000,001 to 2,265,000,000 |
6% |
|
From 2,265,000,001 to 3,465,000,000 |
8% |
|
From 3,465,000,001 to 5,865,000,000 |
11% |
|
Above 5,865,000,000 |
14% |
*the above-mentioned brackets are based on those outlined in the article 51 of the Budget Law 2024 have been adjusted for the period from 1/1/2024 till 15/2/2024 (publication date of the Budget law) with the old brackets.