Category: Notifications & Regulations

The MoF has also issued on the same date a public Notification #898/1 (attached a scanned copy) defining the exchange rates that should be used to convert the income from foreign movable assets into LBP for the past years. For the years until 2020, the previous official rate of 1,507.5 LBP/USD should be applied. For the year 2021, the effective parallel exchange rate of 27,400 LBP/USD should be applied. Whereas, starting from the year 2022 onward the tax on income from foreign movable assets should be paid in the same currency of the income generated from foreign movable assets according to the article 87 of the 2022 budget law #10 and the article 41 of the 2024 budget law #324.

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The Ministry of Finance (MoF) has issued on the 22^nd April 2024 the decision # 381/1 (attached a scanned copy) that further extended, for the last time, the deadline for the electronic tax declaration of the income from foreign movable assets of the fiscal years 2022 and 2023 according to the article 82 of the Income Tax Law till the 15^th August 2024 (inclusive) without penalties.

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On the other hand, the Ministry of Finance has also issued on the same date the Notification #861/1 reminding the taxpayers to complete their electronic filling of the annual tax on salaries declaration forms R5, R6 and R7 for the fiscal year 2022 before the extended deadline of the 30^th April 2024 now that all the IT technical problems have been solved by the MoF regarding these declarations. If you still encounter a technical problem in uploading your electronic annual tax on salaries declarations, you can send an email to the following MoF support address: eservicesqa@finance.gov.lb

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MoF decision #375/1: Extended the deadline for the filling and payment of the Fiscal stamp duty on invoices & receipts for the month of March 2024 until the 15^th May 2024 (inclusive).

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 MoF decision #374/1: Granted a deadline for the declaration of the capital gain generated by individuals from the transfer of their shares in predominantly real estate joint-stock companies (SAL) according to the article 39 of the 2022 Budget Law #10 and the payment of the related tax until the 21^st May 2024 (inclusive).

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MoF decision #373/1: Extended the deadline for the declaration of the Non-resident tax of the 1^st quarter of the year 2024 and the payment of the related tax until the 30^th April 2024.

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Decree #13225 raising the schooling allowances for students in public schools and universities to LBP 4,000,000 (with a maximum of LBP 12,000,000) and for students in private schools and universities to LBP 12,000,000 (with a maximum of LBP 36,000,000 i.e. for 3 children). This increase in the schooling allowances is effective from the publication date of this Decree in the Official Gazette.

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Decree #13164 raising the official minimum wage for employees to LBP 18,000,000 per month and daily workers to LBP 820,000 per day, starting from the 1^st April 2024.

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MoF decision #351/1: dated 9^th April 2024 further extended the deadline for the filling and payment of the Tax on Salaries of the 1^st quarter of the year 2024 until the 31^st May 2024 (inclusive).

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MoF decision #350/1: dated 9^th April 2024 extended the deadline for the filling and payment of the Value Added Tax (VAT) declaration of the 1^st quarter of the year 2024 until the 31^st May 2024 (inclusive).

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