Statement from the Ministry of Finance to Remind Taxpayers Obligated to Settle Taxes on Stock Revenue

The Ministry of Finance stated that "following the announcement number 898/P1 dated 28/4/2024, the ministry wishes to remind taxpayers obligated to declare and settle the tax on revenues generated from shares and foreign debt securities, as well as various revenues from other foreign movable capital, in accordance with the provisions of Article 82 of the Income Tax Law. It is necessary to take advantage of the provisions of Article 41 of Law No. 324 dated 12/2/2024 (the General Budget Law for the year 2024), which provided a deadline that ends on 15/8/2024 for the declaration of those revenues and the settlement of the tax without imposing any fines for realization or collection." The statement added, "It is noted that when these revenues are in a foreign currency other than the US dollar, those revenues must be converted into US dollars according to the average exchange rate between foreign currencies and the US dollar, and then those revenues should be converted into the Lebanese pound at the rate of 1,507.5 L.L. for one US dollar for revenues up to and including 2020, and at the rate of 27,400 L.L. for one US dollar for revenues from the year 2021."