NSSF notification #597 dated 6 Dec 2018-Extension of discounts till 31 Jan 2019

NSSF notification #597 dated 6 Dec 2018-Extension of discounts till 31 Jan 2019

Dear All,

Please be informed that the National Social Security Fund (NSSF) notification #597 dated 6^th December 2018 (attached a scanned copy) has extended till the 31^st January 2019 the discounts on NSSF penalties set in the Budget Law 2018 (Law#79). We hereby remind you of the articles of the Budget Law 2018 related to the NSSF discounts on penalties:

DISCOUNT ON PENALTIES

Articles 18 to 22: 90% discount on late payment penalties due to government entities, including Municipality fees, Mechanic fees and National Social Security Fund (NSSF) provided that the late payment duties and fees as well as the discounted penalties are paid within 6 months from the publication of this law (i.e. now before the 31^st January 2019). However, the unpaid NSSF contributions and their related discounted penalties can be paid by installments to the NSSF over 5 years with an interest rate of 5% per year provided that 20% of the late payment and the discounted penalties are paid within 6 months from the publication of this law. In case of a failure to pay an installment, all the taxes will be due in addition to 12% interest.

We remain at your disposal should you need any further clarification or information.

Best regards

DAHER & PARTNERS

Office:     +961.4.721.333

Fax:          +961.4.721.444