MoF Decision No. 267/1 dated 22/04/2021 relating to the exemption of the transfer of shares and bonds from the fiscal stamp duty

The Ministry of Finance (MoF), has issued and published the here below Decision No 267/1 dated April 22, 2021 (Official Gazette No 17 dated 29/04/2021) that lists documents and securities exempted from the fiscal stamp duty in order to develop the Lebanese financial market. Among those documents and securities figures CDs, bonds, transfer of shares agreements, Lebanese treasury bonds. However, it should be highlighted that contrary to a well-established custom, the Ministry has conditioned and limited the exemption to the sole transactions executed in the financial market. Thus, it has interpreted implicitly the intention of the legislator and even distorted it by adding provisions which are not envisaged by the law. Therefore, it is to be feared that this does not correspond to an extensive interpretation of the law and therefore to an excess of power and consequently to an infringement of the principle of parallelism of forms and competences and hierarchy of norms, given that a law or decree can only be changed by another law or another decree.

Download (PDF, Unknown)