Author: citylog

The Ministry of Finance (MoF) has issued on the 25^th September 2024 the decision #990/1 (attached a scanned copy) extending the following tax filing deadlines till 31^st October 2024:

1)      Further extension of the deadline for the filing and the payment of the Corporate Income Tax and the related Ultimate Beneficiary Owner (UBO) declaration of the fiscal year 2023.

2)      Further extension of the deadline for the filling of the annual declaration forms (including the UBO M18 form) for the year 2023 for taxpayers subject to income tax based on the lump sum regime (deemed profit basis) and institutions who are exempt from income tax (including associations and NGOs) and adopting the cash basis of accounting and the payment of the related tax as well as for submitting the annual non-resident tax (G5 form) due as per article 41 and 42 of the income tax law.

3)      Further extension of the deadline for the filling of the annual declaration forms (including the UBO M18 form) for the year 2023 for taxpayers subject to tax on a real profit basis (sole proprietorships, partnerships and institutions who are exempted from income tax and adopting the accrual basis of accounting) and the payment of the related tax as well as for submitting the annual non-resident tax (G5 form) due as per article 41 and 42 of the income tax law.

4)      Further extension of the deadline for the Tax on Sayrafa profits (article 93 of the 2024 budget law) filling and the payment of the related due tax.

5)      Further extension of the deadline for the Non-resident tax declaration of the 2^nd quarter of the year 2024 and the payment of the related tax.

6)      Further extension of the deadline for the tax declaration of multiplace taxpayers (R8) of the year 2023 and the payment of the related due tax.

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The Ministry of Finance issued on the 5^th September 2024 the decision #959/1 defining the mechanism to compute the tax on salaries paid in part or full in foreign currencies and the progressive tax brackets and the family allowances that have to be applied.

This MoF decision has also extended the deadlines for the filling and payment of the tax on salaries till the 31^st October 2024 for the first and second quarters of the year 2024 and till the 29^th November 2024 for the third quarter of the year 2024.

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MoF decision #916/1 issued on 29th August 2024: Further extension, and for the last time, of the deadline for the filling of the annual declaration forms (including the UBO M18 form) for the year 2023 for taxpayers subject to tax on a real profit basis (sole proprietorships, partnerships and institutions who are exempted from income tax and adopting the accrual basis of accounting) and the payment of the related tax as well as for submitting the annual non-resident tax (G5 form) due as per article 41 and 42 of the income tax law until the 30^th September 2024 (inclusive).

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MoF decision #915/1 issued on 29th August 2024: Further extension, and for the last time, of the deadline for the filling of the annual declaration forms (including the UBO M18 form) for the year 2023 for taxpayers subject to income tax based on the lump sum regime (deemed profit basis) and institutions who are exempt from income tax (including associations and NGOs) and adopting the cash basis of accounting and the payment of the related tax as well as for submitting the annual non-resident tax (G5 form) due as per article 41 and 42 of the income tax law until the 30^th September 2024 (inclusive).

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MoF decision #914/1 issued on 29th August 2024: Further extension, and for the last time, of the deadline for the filing and the payment of the Corporate Income Tax and the related Ultimate Beneficiary Owner (UBO) declaration of the fiscal year 2023 until the 30^th September 2024 (inclusive).

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On the 28^th August 2024, the Ministry of Finance has published the Notification #2147/1 clarifying that these exchange rates only apply to the public accounting records and have no relation with the depositors restricted accounts in Lebanese banks.

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The Government issued on the 14^th August 2024 the Decision #9 (attached) defining the exchange rates of the US Dollar to be used for the public accounting records and financial statements from the year 2020 till date.

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Extension of the deadline for the Tax on Salaries (R10) declaration of the 2^nd quarter of the year 2024 and the payment of the related tax until the 30^th September 2024.

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Extension of the deadline for the Tax on Salaries (R10) declaration of the 1^st quarter of the year 2024 and the payment of the related tax until the 16^th September 2024.

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