MoF decision #430-1 dated 5 May 2025-Extention of tax declaration for FY 2024 deemed profit taxpayers till 30 May 2025

Memo #714

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.

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MoF decision #430-1 dated 5 May 2025-Extention of tax declaration for FY 2024 deemed profit taxpayers till 30 May 2025

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).

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MoF decision #430-1 dated 5 May 2025-Extention of tax declaration for FY 2024 deemed profit taxpayers till 30 May 2025

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.

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