Corporate - Significant developments

Last reviewed - 23 July 2020

In response to the coronavirus (COVID-19) threat, Lebanese Ministry of Finance issued Decision No. 160 dated 8 May 2020 where it suspended the deadlines for all tax obligations (e.g. CIT) to 30 July 2020. Consequently, the Ministry of Finance issued Decision no. 155/1 on 8 July 2020 whereby determining extension of the tax deadlines previously suspended.

On the other hand, due to the Covid-19 pandemic, the Lebanese Ministry of Finance (MoF) has issued an official circular announcing the extension of the Common Reporting Standard (CRS) deadline (related to calendar year 2019) from 30 June 2020 to 30 September 2020. 

Worth noting that the Internal Revenue Service (IRS) has also provided an extension of time for Participating Foreign Financial Institutions (FFIs), including those in Lebanon, to file the FATCA Report (Form 8966) to the IRS. According to FAQ Q4 in the "Reporting" category on the FATCA – FAQs General page (Link), the filing deadline for the FATCA Report has been extended from March 31, 2020 to July 15, 2020. 

The Ministry of Finance (MoF) issued the 2020 Budget Law no.6, dated 5 March 2020 (published in the Official Gazette no.10, dated 5 March 2020). It does not include any changes in the CIT and VAT rates.

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