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The Budget Law of the year 2024 was approved by the parliament last Friday 26th January 2024 with several tax amendments including the obligation (set in article 20 of the project of the Budget Law) to compute the salaries paid in foreign currency at the market exchange rate defined by the Central Bank (currently the Sayrafa rate of 89,500 LBP/USD).
These salaries are then subject to the tax on salaries (Chapter II) according to the new tax brackets that have been increased 60 times compared to their level before the financial crisis and the devaluation of the LBP (that was at 1,500 LBP/USD) after applying the adjusted family deductions (please refer to the articles 48 and 50 of the project of the Budget Law attached).
Starting from the 1st of January 2024, the family deductions for tax purposes applied on the deemed or actual profits of taxpayers will be as follows:
• LBP 450,000,000 for any individual taxpayer
+ LBP 225,000,000 for non-working spouse or husband
+ LBP 45,000,000 for each legitimate dependent child (up to 5 children maximum).
Salaries, wages, and pensions are subject to the following amended progressive tax brackets (tax rates unchanged) starting from the 1st of January 2024:
|
Annual net taxable income (in LBP) |
Tax % |
|
From 0 to 360,000,000 |
2% |
|
From 360,000,000 to 900,000,000 |
4% |
|
From 900,000,000 to 1,800,000,000 |
7% |
|
From 1,800,000,000 to 3,600,000,000 |
11% |
|
From 3,600,000,000 to 7,200,000,000 |
15% |
|
From 7,200,000,000 to 13,500,000,000 |
20% |
|
Above 13,500,000,000 |
25% |