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The Ministry of Finance (MoF) decision # 722/1 dated 11th 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 16th 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 16th November 2022 till the date of this decision (i.e. 11th 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 16th 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 16th 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 30th September 2024.