Author: citylog

The Ministry of Finance (MoF) decision # 722/1 dated 11^th July 2024 (attached a scanned copy) in application of the article 88 of the Law #324 (Budget Law of the year 2024) has granted rebates on tax penalties on tax adjustments issued from the 16^th November 2022 (publication date of the Budget Law 2022) regardless the date of the infringement and till 30 September 2024.

 According to this MoF decision, the Minister of Finance is granting the taxpayers, subject to tax adjustments, rebates on tax penalties covering all the tax infringements related to income tax, VAT, built property tax, inheritance tax and the indirect taxes and fees for tax adjustments issued from the 16^th November 2022 till the date of this decision (i.e. 11^th July 2024).

 The delay tax declaration penalties are reduced for all tax infringements incurred before the date of this decision with a tax adjustment issued from the 16^th November 2022 as follows:

–          Variable penalties are reduced by 85%,

–          Lump sum penalties are reduced by 60%.

 The delay tax payment penalties (including VAT and fiscal stamp duty) are reduced by:

–          75% for all tax infringements incurred before the date of this decision with a tax adjustment issued from the 16^th November 2022.

 Knowing that the variable or the lump sum tax penalties for delay declaration or payment cannot be less than LBP 200,000 in any case after reduction.

 The provisions of this MoF decision are applicable to any payment of taxes and reduced penalties made before the 30^th September 2024.

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MoF decision #721/1: 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 August 2024 (inclusive).

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MoF decision #720/1: 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 until the 30^th August 2024 (inclusive).

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MoF decision #719/1: 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 until the 30^th August 2024 (inclusive).

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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 lump sum profit basis (sole proprietorships, partnerships and institutions who are exempt 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 25^th July 2024 (inclusive).

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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 exempt 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 25^th July 2024 (inclusive).

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Further extension of the deadline for the VAT declaration of the 1^st quarter of the year 2024 and the payment of the related tax until the 10^th July 2024 (inclusive).

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