MoF decision #1063/1 dated 21 October 2024:
Extension of the deadline for the VAT declaration of the 3rd quarter of the year 2024 and the payment of the related tax until the 5th November 2024 (inclusive).
Category: Notifications & Regulations
MoF decision #1062/1
MoF decision #1062/1 dated 21 October 2024:
Extension of the deadline for the Non-resident tax declaration of the 3rd quarter of the year 2024 and the payment of the related tax until the 5th November 2024 (inclusive).
MoF notification # 2494/1
The Ministry of Finance (MoF) notification # 2494/1 dated 10th October 2024 (attached a scanned copy) has extended the deadline for the corporate income tax filling of the year 2023 for companies having a special fiscal year closing (i.e. different from the calendar year closing) till the 31st October 2024 (inclusive) similar as for the companies having a calendar year closing.
MoF decision # 1010/1
The Ministry of Finance (MoF) decision # 1010/1 dated 8th October 2024 (attached a scanned copy) in application of the article 22 of the Law #10 (Budget Law of the year 2022) has granted rebates on tax penalties on tax adjustments (whether issued and notified by the MoF or not yet issued) from the 16th November 2022 (publication date of the Budget Law 2022) regardless the date of the infringement and till the 31st December 2024.
According to this MoF decision, the Minister of Finance is granting the taxpayers, subject to tax adjustments or having self-assessed a tax infringement, rebates on tax penalties covering 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 16th November 2022 till the date of this decision (i.e. 8th October 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 16th November 2022 as follows:
– Variable penalties are reduced by 85% on issued tax adjustments and by 75% on self-assessed tax infringements,
– Lump sum penalties are reduced by 60% and by 50% on self-assessed tax infringements or for penalties paid without tax adjustment.
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 16th November 2022 and by 65% on self-assessed tax infringements.
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. For any tax penalty exceeding LBP 5 billion (equivalent to USD 55,850), the approval of the Council of Ministers is needed for its reduction.
The provisions of this MoF decision are applicable to any payment of taxes and reduced penalties made before the 31st December 2024.
Decree #14012
The Decree #14012 dated 19 September 2024 and published in the Official Gazette #39 dated 26 September 2024 (attached a scanned copy) has amended the Law #44/2008 on the tax procedures to update the penalties on infringements to the Income tax and Value Added Tax (VAT) laws.
MoF the decision #991/1
The MoF has also issued on the same day the decision #991/1 (attached a scanned copy) for a further extension of the deadline for the annual tax on salaries declarations (R5,R6,R7) of the year 2023 and the payment of the related due tax till 31st October 2024.
MoF decision #990/1
The Ministry of Finance (MoF) has issued on the 25th September 2024 the decision #990/1 (attached a scanned copy) extending the following tax filing deadlines till 31st 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 2nd 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.
MOF Decision #959/1
The Ministry of Finance issued on the 5th 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 31st October 2024 for the first and second quarters of the year 2024 and till the 29th November 2024 for the third quarter of the year 2024.
MoF decision #916/1
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 30th September 2024 (inclusive).
MoF decision #915/1
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 30th September 2024 (inclusive).