Lebanese Taxation System (2024 Updated Version)

This is an updated three-session workshop following the release of 2024 budget law with key insights on certain aspects being currently ambiguous. Sessions will cover Income Tax, Salary Taxes and VAT, by means of an expert facilitator, with over 21 years of experience as a VAT lead auditor.

Specific learning objectives include:

• Be familiar with all updates and their impact upon the release of 2024 budget law.
• Understanding Income Taxes.
• Be Familiar with different Income Taxes systems
• Able to properly fill and use different Income Taxes forms.
• Process of declaration, with deadlines and penalties.
• Learn and Practice Taxes over Salaries: Employers & Employees Obligations.
• Salary Taxes forms and procedures R3-R10
• VAT: Rules, Regulations, Forms and Procedures

Session One: Income Taxes

• Overview of Income Tax: Who is Subject to it and who is Exempt.
• Methods of Tax Assignment over Profit by type: Commercial, Industrials, Professions, and Profit enhancement.
• Obligations over who is subject to Income Tax
• Tax Calculation
• Income Tax Calculations after family deductions.
• Filling Personal Tax Declaration (R8) and filling Tax Declaration to companies without financial data.
• Deadlines & Penalties

Specific Updates: Adjustment of tax brackets on: profits, family deductions and on amounts paid to non-residents, as well as the reduction of the tax rate on profits from property disposal to 1%

Session Two: Salary Taxes

Overview of:

• Taxable Amounts
• Exempt Amounts
• Deductible Amounts
• Family Deductibles
• Tax Rates & Intervals
• Salaries, Benefits, Cash and Rewards.
• Employer’s Obligation
• Employees Obligations

Salary Taxes Forms: R3 – R4 – R5 – R6 – R7 – R8 – R10

• Regulations
• Calculations
• Declaration
• Deadlines
• Penalties

Specific Updates: The Adjustments of the new tax brackets, the new exchange rate for salaries in US dollars (Fresh) and tax further critical clarity of tax deduction methods.

Session Three: Value Added Tax

• Terms for Applicability
• Exemptions
• Registering Procedures with Forms
• Invoicing
• Tax Deduction
• Accounting Entries with Examples
• Quarter Declaration Statement with the Form
• Annual Declaration Statement with the Form
• Penalties
• Redemption (Re-imbursement) with the request forms

Specific Updates: Adjustment of the business number required for registration in Value Added Tax from the year 2020 to 2023 inclusive.

Miscellaneous Updates

• Adjustments to fixed fines in the Tax Procedures Law.
• Adjustment of collection fines.
• Reduction of fines.