Tax Alert: MoF reminder on the payment of the 10% tax on the proceeds of foreign movable assetsFebruary 28, 2020
Tax Alert: MoF reminder on the payment of the 10% tax on the proceeds of foreign movable assets
The Ministry of Finance (MoF) has issued a notification #479/S1 dated 27th February 2020 (attached a scanned copy) reminding the taxpayers to comply with the article 82 of the Lebanese Income Tax Law that requires from the taxpayers receiving proceeds (i.e. interest, coupons and dividends) from foreign movable assets (i.e. deposit bank accounts, bonds, obligations, investment funds and shares, etc…) to declare these proceeds for the previous fiscal year to the MoF before the 1st March and pay the related 10% tax before the 1st April.
The non-compliance with this tax obligation is considered as a tax evasion (i.e. financial crime) according to the article 1 of the Tax Procedure Law and is therefore subject to criminal procedure that can lead the taxpayer to the payment of penalties and criminal legal pursuit initiated by the MoF without prior notification of the taxpayer.
We remain at your disposal should you need any further clarification or information on this subject.
DAHER & PARTNERS