In accordance with the applicable laws and regulations in force, notably the Law No. 106 dated 06/12/2018, which amended and added clauses in a number of articles of the Tax Procedures Law No. 44 dated 11/11/2008 and Decree No. 1472/1 dated 27/09/2018 which clarified the mechanism of defining the “Beneficial Owner”,
Whereas both presidents of the Civil Court of 1st Instance (in charge of the Trade Register) in Beirut and Baabda (Mount Lebanon) required for the registration or record of any minutes, document or deed as well as for the completion of any procedure or administration formalities, to either provide a written letter duly signed by the Chairman of the Board or by the General Director assigned as an authorized signatory, stating by which the beneficial Owner(s) of the shares constituting the Equity Capital, regardless of their real or virtual ownership; or to include a new table in the attendance sheet, signed by the shareholders and members of the office (Bureau) of the Assembly, including the name of the Beneficial Owner(s).
Therefore, pursuant to the above, it should be noted that:
a) All the taxpayers, under the penalty of fines, should keep accounting records and relevant papers showing all information related to the Beneficial Owner which includes the information provided for in article 29, paragraph 10, of the Code of Tax Procedures (Law No. 44 dated 11/11/2008 and its amendments) added under section III of Law No. 106 dated 6/12/2018. The moral entity (partnership or corporation) must also submit the statement to the Beneficial Owner electronically or through Liban Post’s offices under Form 18 (hereto attached), no later than 31/07/2019 (in accordance with the Decision No. 430/1 dated 21/06/2019) as well as to notify the Lebanese tax administration annually of any change in the names of shareholders, partners or beneficial owners or any change in the percentage of their shareholdings or participation. b) In the course of any proceedings or transactions or administrative formalities, before the Trade Register, a written letter duly signed by the Chairman of the Board, or by the Director General assigned as an authorized signatory, should be submitted, according to which the beneficial owners of the shares constituting the Equity Capital of the company should be disclosed and clearly stated, regardless of their real or virtual ownership; otherwise and failing that, a new table in the attendance sheet, signed by the shareholders and members of the Bureau of the Assembly, should be included with the name of the Beneficial Owner(s).