Corporate - Significant developments

Last reviewed - 29 December 2022

Law no. 10, dated 15 November 2022, the 2022 Budget Law, published in the Official Gazette no. 49 (addendum), introduced several amendments related to taxes, incentives, and exemptions applicable in Lebanon.

The 2022 Budget Law stated that whenever the statement 'taxes and duties are due in US Dollars or in any other foreign currency' is mentioned, the amount should be deposited/settled in the same currency to the Ministry of Finance’s (MoF's) bank account held at the Central Bank of Lebanon.

In addition, the 2022 Budget Law set out an amnesty of 50% of the amount of tax on unsettled tax assessments pending at the level of the Appeal Committee for assessments covering years up to 2020 (inclusive) with the condition that the tax amount is settled before 15 February 2023. 

The major tax amendments and exemptions are incorporated in the appropriate summary sections.