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The Ministry of Finance (MoF) has recently replied to a request from the LACPA (Lebanese Association of Certified Public Accountants) for clarifications on the conditions for a Lebanese industrial company to benefit from 75% tax discount on the profit of its export sales according to the article 23 of the Budget Law of the year 2022.
According to the article 23 of the Budget Law of the year 2022 (Law #10), profits generated from the export of Lebanese manufactured products by industrial companies will benefit from 75% discount on the related income tax if the proceeds of such export are transferred back to banks operating in Lebanon and reinvested in Lebanon or used in total for the purpose of its industrial activity in Lebanon. Industrial companies that meet these conditions can benefit from this increased tax discount rate (from 50% to 75%) for five years starting from the year of the publication of this Law (i.e. until the fiscal year 2026).
In its recent reply to the LACPA dated 12th November 2024 (attached a scanned copy of this letter with the reference #622/S2), the MoF has clarified the condition related to the transfer of the export proceeds to “banks operating in Lebanon” whereby it allows the industrial companies to use bank accounts opened in foreign countries to satisfy the other condition of using the proceeds of their export sales in total to purchase goods or equipment for the purpose of their industrial activity in Lebanon, within a short period of time that does not exceed a year.