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The Ministry of Finance (MoF) has issued on the 4th April 2024 the decision # 303/1 amending the article 4 of the MoF decision # 824/1 dated 18/11/2023. According to this amendment, the interest paid by Lebanese tax payers to non-resident (foreign) lenders are subject to the non-resident tax of 8.5% (i.e. 50% x corporate income tax 17%) starting from the 1st April 2024. The Lebanese taxpayers who are paying such interest to non-resident lenders have to submit a tax declaration on quarterly basis and pay the related tax within 15 days form the end of the quarter.
It is worth noting that the 10% interest tax (Chapter 3) is only applicable on interest paid to local lenders. On the other hand, the interest income resulting from a lending activity (e.g. Lebanese banks) are subject to 17% corporate income tax while the Lebanese borrower doesn’t have to account for any withholding interest tax on these interest tax deductible charges.