Category: Notifications & Regulations

The Ministry of Finance (MoF) has issued on the 21^st August 2025 the following decisions extending the tax filing deadline till the 31^st October 2025:

1)      MoF decision #734/1 (attached a scanned copy): Extension of the deadline for the filing and the payment of the Corporate Income Tax, the related Ultimate Beneficiary Owner (UBO) and the yearly non-resident tax (Form G5) declarations of the fiscal years 2023 and 2024 till the 31^st October 2025.

2)      MoF decision #735/1: Extension of the deadline for the filling of the annual declaration forms (including the UBO M18 form) for the fiscal year 2024 for taxpayers subject to income tax based on the real profit basis and institutions who are exempt from income tax (including associations and NGOs) and adopting the accrual basis of accounting and the payment of the related tax as well as for submitting the annual non-resident tax (G5 form) due as per article 41 and 42 of the income tax law till the 31^st October 2025.

 The MoF decision #734/1 will also automatically extend the deadline for submitting the Fixed Assets and Inventory Revaluation reports of the years 2022, 2023 and 2024 according to the Law #330 till the 31^st October 2025.

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The Ministry of Finance (MoF) decision #715/1 dated 1^st August 2025 (attached a scanned copy) has defined the application of the Law #330/2024 on the Exceptional revaluation of Fixed Assets, Inventory and Foreign Exchange adjustment of the LBP Devaluation effect for Banks.

This MoF decision has clarified the fiscal treatment of the revaluation of real estate properties held back by banks from non-performing loans that are classified in current assets (i.e. inventory). According to this decision, these real estate properties should be revalued by a Certified Public Accountant by applying the effective exchange rate on the historical cost in foreign currency. If the bank has revalued these real estate properties by a real estate expert at their fair market value based on the Central Bank (BDL) circulars at a value that is higher than its historical cost, the bank should record the excess in the revaluation value in a separate account #103 and should exclude this value from the cost of the property in case of disposal as the MoF only recognizes the historical cost for these properties in the calculation of the capital gain subject to 15% tax. For other properties owned by banks and recorded as fixed assets, the revaluation can be performed by a real estate expert at their fair market value.

This MoF decision also authorized banks to consider the fiscal year 2024 as the first year for the revaluation of their assets acquired before this year. Moreover, they are not obliged to revalue all their assets as at 31 December 2023 and can choose the assets they wish to revalue according to the Law #330.

As for the exchange rate to be used by banks for the Foreign Exchange adjustment of the LBP Devaluation, this MoF decision has aligned the exchange rates with those imposed by the BDL to be as follows:

–          1,507.5 LBP/USD as at 31 December 2022 and until 31 January 2023

–          15,000 LBP/USD from 1^st February 2023 till 31^st January 2024

–          89,500 LBP/USD from 1^st February 2024 till 31^st May 2025

–          The exchange rate set by the BDL starting from 1^st June 2025

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The Ministry of Finance notification #2665/1 dated 1^st August 2025 (attached a scanned copy) has defined the 1^st August 2025 as the starting date for the electronic declaration for the GH20 form (stamp duty form) and its related payment receipt.

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The Ministry of Finance decision #713/1 dated 1^st August 2025 (attached a scanned copy) extended the deadline for the tax filling of the years 2023 & 2024 for Multiplace taxpayers (R8) and the payment of the related due tax (if any) until the 15^th September 2025.

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NSSF Memo #801 dated 1^st August 2025 (attached a scanned copy) in application of the Ministry of Labor Decree #699 dated 18 July 2025 and published in the Official Gazette #32 dated 24 July 2025, has defined the 1^st August 2025 as the starting date for calculating the NSSF contributions on the following basis:

1)      The minimum monthly salary is set at LBP 28,000,000 and the minimum daily workers’ wage at LBP 1,300,000.

2)      The NSSF ceiling for the Sickness & Maternity contributions is set at LBP 140,000,000 (i.e. 5 times the minimum wage).

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The Ministry of Finance (MoF) decision #689 dated 24^th July 2025, has extended the deadline for taxpayers to submit their objection on MoF tax adjustments till the 11^th September 2025.

 However, the taxpayers have to settle 30% of the objected tax and penalties amount to benefit from this extension.

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The Ministry of Finance (MoF) notification # 2323/S1 issued on the 11^th July 2025 related to the MoF electronic notifications to the taxpayers.

All taxpayers already submitting their tax returns electronically will only be notified by the MoF electronically through its website starting from the 16^th July 2025.

Therefore, the MoF requests that all taxpayers submitting their tax returns electronically to check the section “Notifications” within their “Taxpayer profile” on the MoF website: www.eservices.finance.gov.lb on a regular basis for any new notifications or correspondence sent by the MoF.

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The major clarification we were waiting for was in relation with the Foreign Exchange adjustment of the LBP Devaluation effect on receivables, payables and cash & bank accounts at the opening of the year 2022. The MoF has clarified in the last page of its answers, that the positive differences of exchange up to 15,000 LBP/USD are subject to income tax and the negative differences of exchange can be deducted from the taxable income, while any difference of exchange from 15,000 LBP/USD to 42,000 LBP/USD as at 31 December 2022 and then to 89,500 LBP/USD as at 31 December 2023 are not subject to income tax (i.e. positive and negative differences of exchange should be reverted while transiting from the accounting result to the taxable result).

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