citylog – Page 19 – Aldic

MoF decision #722-1 dated 11 July 2024-Tax penalties reductions (1)

MoF Decisions No. 11/1 and 14/1 dated 12/01/2021 extending the delay for the declaration and payment of taxes on wages & slaries as well as VAT.

Posted on Monday January 18th, 2021Monday January 18th, 2021 by citylog

The Ministry of Finance (MoF), has issued and published the here below Decisions No 11/1 and 14/1 dated 12^th January 2021 which have extended the deadlines to present the 4th quarter of 2020 Tax on wages & salaries (R10) and Value Added Tax (VAT) declarations and the payment of the related taxes until the 15th February 2021 inclusive.

Download (PDF, Unknown)

MoF Notification No. 114/S1 dated 15/01/2021 reminding the taxpayers to invoice the end consumer in LBP.

Posted on Monday January 18th, 2021 by citylog

The Ministry of Finance (MoF), has issued and published the here below Notification No. 114/S1 dated 15/01/2021 to remind the taxpayers undertaking industrial, commercial and non-commercial activities or professional services to invoice the end consumer in LBP including the VAT amount (i.e. the VAT amount should represent 11% of the initial invoice amount in LBP) and give him a copy of this invoice in compliance with the Article 25 of the Consumer Protection Law. Any infringement to this regulation will be criminally prosecuted and will subject the offender to applicable taxes and penalties.

Download (PDF, Unknown)

الآفاق القانونية والمالية لأزمة الدين السيادي اللبناني

Posted on Monday January 11th, 2021Monday January 18th, 2021 by citylog

Download (PDF, Unknown)

Dod El Fasad

Posted on Monday January 11th, 2021Monday January 18th, 2021 by citylog

USJ & ALDIC under the Act Project Funded by the European Union & implemented by Expertise France are holding on December 9, 2020, which coincide with the International anti-corruption day, an official press conference at 11:00 am at USJ – Campus de l’innovation et du sport, Damascus road, to lunch their joint project aiming to fight corruption and promote transparency and integrity through the signature of an anti-corruption declaration.

المؤتمر الصحافي لإطلاق الحملة الوطنية لمكافحة الفساد #ضد_الفساد

Posted on Monday January 11th, 2021Monday January 18th, 2021 by citylog

Law No. 199 of 29/12/2020 relating to the prorogation of the suspension of legal, judicial and contractual deadlines.

Posted on Tuesday January 5th, 2021 by citylog

the Law No 199 dated 29^th December 2020 (here below) published in the Official Gazette No 51 on the 31^st December 2020 has further extended the suspension of the legal and tax obligations and deadlines set by Law No 160/2020 and prorogated by the Law No 185 by six (6) additional months as of the publication date of the Law (i.e till the 30^th of June 2021) or of the expiry date of the suspended delays by virtue of the aforesaid Law No 185/2020, as the case may be. This extension also covers the deadlines set in the Article 22 of the Budget Law 2020 that extended the deadlines of the articles 21, 22, 28, 29, 30 and 32 till 40 (tax and NSSF discounts in addition to the article 38 on the tax objection deadline), 49 (exceptional revaluation of fixed assets at the tax rate of 3%), 51, 58, 68 and 70 of the Budget Law 2019 for further 6 months as aforesaid. The Ministry of Finance should issue shortly an application decisions regarding the provisions of this Law.

Download (PDF, Unknown)

MoF Decision No. 893/1 dated 31/12/2020 acknowledging the difference of exchange resulting from the purchase of goods or assets in foreign currencies at the black market rate.

Posted on Tuesday January 5th, 2021 by citylog

The Ministry of Finance (MoF), has issued and published the here below Decision No. 893/1 dated 31/12/2020 which acknowledges the difference of exchange resulting from the purchase of goods or assets in foreign currencies at the black market rate. According to this MOF decision, this difference of exchange should be added to the cost of the goods in the Profit & Loss statement or to the cost of the asset in the Balance Sheet. It has to be recorded in the revenues of the seller as well.

Any pending difference of exchange on goods or assets in progress or stock not yet sold at the closing date of the financial statements should be recorded in a separate Balance Sheet account “Difference of Exchange-Assets or Liabilities” until this good is sold.

This is a first step made by the MOF to ease the business in Lebanon in this hyperinflation environment, hoping other decisions will be made to further clarify this major issue that the Lebanese companies are facing among other problems resulting from the current financial and economic crisis.

Download (PDF, Unknown)

Administrative Instruction No. 988/S2 dated 02/12/2020 on the control of the identity of the beneficial owners:

Posted on Tuesday January 5th, 2021 by citylog

By virtue of the Administrative Instruction No. 988/S2 dated 02/12/2020 issued by the director of the Revenue Branch of the Ministry of Finance, the public officers are required to reinforce the inspection of the identity of the beneficial owners in compliance with the laws and regulations in force, as a prelude to the follow-up report which will be submitted by Lebanon to the Global Forum on Transparency in June 2021.

Download (PDF, Unknown)

MoF Decision No. 691/1 dated 19/11/2020 relating to the adoption of new forms for the declaration of the tax on movable capital assets

Posted on Tuesday January 5th, 2021Tuesday January 5th, 2021 by citylog

By virtue of the MoF Decision No. 691/1 dated 19/11/2020, the new forms No. S1/J and S4/J (here below) related to the declaration and payment of the tax on movable capital assets have replaced the forms using the same numbering which were subject of the MoF Decision No. 1432/1 dated 17/09/2018.

Download (PDF, Unknown)

TOWARDS SUSTAINABLE DEVELOPMENT: Options for Lebanon Beyond the Financial Crisis

Posted on Monday November 30th, 2020 by citylog

The current COVID’s pandemic coupled to the economic downturn and financial turmoil over the world with connected severe recession, has uncovered the long-standing economic, financial and social vulnerabilities as well as deep-seated macro-economic problems in developing and low-income countries. There have been serious calls for urgent actions aiming to promote a healthy financial system, to change the long-lasting harmful practices, drain resources, adopt fair taxation rules, prevent shifting of profits out of the countries, restore confidence and raise the voices of citizens that have been left behind. In this regard, it has been resolved that a new economic model is needed to ensure sustainable development given the collapse of the system, rising inequality, overstretched health system, and unaffordable private education. The plan of action should recognize that eradicating poverty and inequality in all their forms and dimensions is the greatest global challenge and an indispensable requirement for sustainable development. It seeks to shift the world on to a sustainable and resilient path. This webinar will strive to identify challenges and needs to reach the appropriate goals and targets (SDG) as well as to determine the key tools in this respect notably for a fragile country like Lebanon starting from the identification of structural strengths to cultivate and weaknesses to combat to make development more sustainable.