The National Social Security Fund (NSSF) issued Memo #714 on the 5th of September 2023 (attached a scanned copy) whereby it has finally clarified the exchange rate to be used for the conversion of the salaries paid in foreign currencies. According to this Memo, the NSSF is requesting to apply the exchange rate set in article 35 of the Budget Law of the year 2022 (Law #10 published on 15/11/2022) and the MoF decisions #2/1 and 3/1 dated 9 January 2023 (i.e. 15,000 LBP/USD) to calculate the social security contributions on the salaries paid in foreign currencies.
Author: citylog
Decision #640/1
The Ministry of Finance (MoF) issued on the 31st August 2023 decision #640/1 (attached a scanned copy) in the application of article 72 of the Budget Law 2022 (Law #10) related to the tax exemption of machines and equipment related to renewable energies.
According to this decision and Article 72 of the Budget Law 2022, all equipment related to renewable energies (Photovoltaic cells, modules, panels, Solar battery chargers, and inverters, etc.) is exempted from VAT, customs, and the minimum custom duty of 3% starting from the publication date of the Law #10 (i.e. 15th November 2022).
MoF decision #633/1
Further extension of the deadline for the filling and payment of the tax on salaries of the 2nd quarter of the year 2023 until the 15th September 2023 (inclusive).
MoF decision #635/1
Further extension of the electronic filling and paying the built property tax of 2022 for taxable amounts exceeding LBP 40 million till the 15th September 2023 (inclusive).
MoF decision #632/1
Further extension of the deadline for the filling and payment of the personal annual employees’ income tax return (R8 form) for the year 2022 till the 15th September 2023 (inclusive).
MoF decision #631/1
Further extension of the deadline for the declaration, payment and refund requests of the quarterly Value Added Tax (VAT) return for the 2nd quarter of the year 2023 till the 15th September 2023 (inclusive).
MoF decision #630/1
Further extension of the deadline for the filing and the payment of the corporate income tax return as well as the Ultimate Beneficiary Owner (UBO) declaration of the fiscal year 2022 whose initial tax filing deadline was 31st May 2023 till the 15th September 2023 (inclusive).
Decree # 11928
Decree # 11928 dated 18th August 2023 and published in the Official Gazette #35 on the 24th August 2023 (attached a scanned copy) has increased the annual NSSF ceiling for the Sickness & Maternity and the Family allowances contributions to LBP 216 million (i.e. LBP 18,000,000 per month instead of LBP 5,600,000 currently) starting from the 1st September 2023.