Decision of the Council of State No 473/2019-2020 dated 16/06/2020 on the non-liability to VAT of the securitization activities and transactions

The Lebanese Council of State has issued the decision No 473/2019-2020 dated 16/06/2020 (here below) on the non-liability to VAT of the securitization activities and transactions.

 

Indeed, in this Decision, the state council is in line with the precedent case laws and considers that the Ministry’s decision No 139/1 dated 12/03/2019 has acted ultra vires, violated the law and distorted the objectives and intention of the legislator since the latter has exempted from taxes and VAT the activities of securitization undertaken by the funds. It reminds the executive power that its role is “to apply the law not to modify it”.

Download (PDF, 609KB)