The Ministry of Finance (MoF), has issued the Decision No 801/1 dated December 24, 2020 (here below), published in the Official Gazette No 51 dated 31/12/2020, which indicates the procedures for determining the estimated value of inheritance assets located abroad. First, it defines the assets as any movable or immovable property located abroad, either transferred by a Lebanese or a foreignor residing in Lebanon without prejudice to the provisions to the contrary of the double taxation treaties duly signed by Lebanon with the concerned foreign country. In addition to that, it defines the Lebanese resident as every person to whom apply the provisions and criterions of clause 11 of the first article of the Law No. 44 dated 11/11/2008 (law on tax procedure).
Finally, it specifies that the determination of the estimated value of property located abroad is carried out on the basis of an official declaration emanating from the competent official bodies in the state concerned, including a detailed list of these assets with their estimated value, under the condition that this declaration be agreed by the diplomatic body representing Lebanon in this State, as well as the agreement of the Minister of Foreign Affairs in Lebanon.