Tax Alert: Built property tax deduction & VAT recovery for exempted transactionsJanuary 10, 2019
Tax Alert: Built property tax deduction & VAT recovery for exempted transactions
The Ministry of Finance (MoF) has recently issued two decisions published in the Official Gazette #1 dated 3 January 2019 (attached scanned copies):1) MoF Decision #2010/1 issued on 27/12/2018 defining the implementation conditions of the article 52 of the Law on built property tax (the Law of 17/09/1962) as amended by the article 28 of the Law #79 dated 18/04/2018 (Budget Law for 2018) that governs the allowances (deductions) that shall apply to residential properties: annual deduction of LBP 6 million for each residential unit, up to two units throughout the Lebanese territory, shall apply till the end of the year 2017, whereas the annual deduction of LBP 20 million defined in the Budget Law of the year 2018 shall apply starting from 1st January 2018.
2) MoF Decision #2013/1 issued on 28/12/2018 defining the implementation conditions of article 59 of the Law # 379/2001 (Value Added Tax) regarding the VAT recovery for exempted transactions.
We remain at your disposal should you need any further clarification or information on this subject.
DAHER & PARTNERS