News

Dear All,
Hope this memo finds you well!
Majzoub and Partners, CPAs "Nexia International” would like to share with you some tax modifications that have been approved by the parliament and published at the official gazette dated 21 august 2017.
An abstract of a part of these modifications are as follows:
      
Description Rate Starting Date of Application
Stamp Duty Tax 4 per 1000 22-Aug-17
Stamp on Invoices and Receipt Vouchers 250 LBP 22-Aug-17
Tax on Interest 7% 22-Aug-17
Value Added Tax 11% 1-Oct-17
Income tax 17% Fiscal year 2017
Capital Gain of Fixed Assets and Real Estate 15% Fiscal Year 2017

In addition, the Social Security National Fund contributions rates have been modified, with retroactive effect as of February 16, 2017, to become as follows:
 
  Company Employee Total
Sickness & Maternity 8% 3% 11%
End of Service 8.5% - 8.5%
Family Allowance contributions 6% - 6%
Total 22.5% 3% 25.5%

        
       Noting that all ministries have modified their opening hours to become:
- Monday till Thursday from 8:00 am till 3:30 pm
- Friday from 8:00 am till 3:00 pm including 2 hours at noon for praying time
- Closing on Saturday