Legislative Developments
New Lump Sum Tax to go into effect in September 2018
The Minister of Finance issued decision No. 993/1 dated October 31, 2016 which implemented article 29 of law No. 173 dated February 14, 2000 (as amended). The said decision imposed the following lump sum taxes starting in September 2018 as follows: - Stock companies: LBP 2,000,000 ($1,334) - Limited Liability Companies: LBP 750,000 ($500) - Partnership and individual business concerns: LBP 550,000 ($367) - Individuals assessed on the basis of their flat profit: LBP 250,000 ($167) - Individuals assessed on the basis of their estimated profit: LBP 50,000 ($34) The above tax is due regardless of whether the company or business has made any profit during the tax year. The Holding and Offshore companies are exempt from the above tax.