Tax Alert: MoF decision #492/1 dated 5 Aug. 2021: Tax penalties rebates till the 31 Dec. 2021August 5, 2021
Tax Alert: MoF decision #492/1 dated 5 Aug. 2021: Tax penalties rebates till the 31 Dec. 2021
Please be informed that the Ministry of Finance (MoF) decision #492/1 dated 5th August 2021 (attached a scanned copy) has granted tax penalties rebates for any tax infringement incurred from the 1st August 2019 till the date of this decision (i.e. 5th August 2021 inclusive) based on the Laws #237 dated 16th July 2021 (suspension of the legal and tax obligations).
According to this MoF decision, the Minister of Finance is granting the taxpayers subject to tax adjustments tax penalties rebates covering all the tax infringements related to income tax, VAT, built property tax, inheritance tax and the indirect taxes and fees that occurred from the 1st August 2019 till the 5th August 2021.
The delay tax declaration penalties are reduced for all tax infringements incurred from the 1st August 2019 till the 5th August 2021 as follows:
Variable penalties are reduced by 85%,
Lump sum penalties are reduced by 60%.
Knowing that the variable or the lump sum tax penalties for
delay declaration or payment cannot be less than LBP 50,000 in any case after
Thus, according to this MoF decision, the tax penalties rebates are applicable to all tax adjustments settled before the 31st December 2021.
We remain at your disposal should you need any further clarification or information on this subject.
DAHER & PARTNERS