FOREWORD. Lebanon. Services provided by member firms include:

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1 2016/17

2 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. As you will appreciate, the production of the WWTG is a huge team effort and we would like to thank all tax experts within PKF member firms who gave up their time to contribute the vital information on their country's taxes that forms the heart of this publication. The PKF Worldwide Tax Guide 2016/17 (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of the world's most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current on 30 April 2016, while also noting imminent changes where necessary. On a country-by-country basis, each summary such as this one, addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country's personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. Services provided by member firms include: Assurance & Advisory; Financial Planning / Wealth Management; Corporate Finance; Management Consultancy; IT Consultancy; Insolvency - Corporate and Personal; Taxation; Forensic Accounting; and, Hotel Consultancy. In addition to the printed version of the WWTG, individual country taxation guides such as this are available in PDF format which can be downloaded from the PKF website at PKF Worldwide Tax Guide 2016/17 1

3 IMPORTANT DISCLAIMER This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International Limited (PKFI) administers a family of legally independent firms. Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. PKF INTERNATIONAL LIMITED JUNE 2016 PKF INTERNATIONAL LIMITED All RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION PKF Worldwide Tax Guide 2016/17 2

4 STRUCTURE OF COUNTRY DESCRIPTIONS A. TAXES PAYABLE COMPANY TAX CAPITAL GAINS TAX BRANCH PROFITS TAX VALUE ADDED TAX (VAT) FRINGE BENEFITS TAX LOCAL TAXES STAMP DUTY TAXATION OF PUBLIC CONTRACTORS SOCIAL SECURITY NSSF B. DETERMINATION OF TAXABLE INCOME DEPRECIATION STOCK / INVENTORY DIVIDENDS INTEREST DEDUCTIONS LOSSES FOREIGN SOURCED INCOME INCENTIVES TAXATION BASED ON TURNOVER TAX ON INTERESTS RECEIVED C. FOREIGN TAX RELIEF D. CORPORATE GROUPS E. RELATED PARTY TRANSACTIONS F. WITHHOLDING TAX G. EXCHANGE CONTROL H. PERSONAL TAX I. TREATY AND NON-TREATY WITHHOLDING TAX RATES PKF Worldwide Tax Guide 2016/17 3

5 MEMBER FIRM For further advice or information please contact: City Name Contact information Beirut Elie Chartouni (ext.101) Beirut Georges Chartouni (ext.100) BASIC FACTS Full name: Lebanese Republic Capital: Beirut Main language: Arabic Population: 4.97 million (2014 estimate) Major religions: Christianity, Islam Monetary unit: Lebanese Pound (the LBP is pegged to the USD since 1999) Internet domain:.lb Int. dialling code: +961 KEY TAX POINTS Income tax in Lebanon are levied on the territoriality principle, so that all income derived in Lebanon is subject to tax, but all income derived from abroad is exempt. Generally, companies (as well as branches of foreign companies) are subject to a flat 15% income tax on profits. Contractors with the government for civil works, oil refineries, insurance companies and transport companies if subject to taxation are taxed on lump sum profits. Holding companies are exempt from income tax on profits and are subject to only to an annual lump sum tax on capital and reserves: such tax is not to exceed 3,333 USD per year. Offshore companies are exempt from income tax on profits and are subject only to an annual lump sum tax of 667 USD. A. TAXES PAYABLE COMPANY TAX The tax year runs from 1 st January to 31 st December. However a company may use a financial year which is different from the calendar year with the authorization of the tax administration. Companies are requested to submit their tax returns for the year ending 31 st December by 31 st May of the following year, together with payment of tax due. Companies which were authorized by the tax administration to use a financial year which is different from the calendar year must submit their tax return within a period of five months from the close of their financial year. CAPITAL GAINS TAX Capital gain tax on the sale of fixed assets is computed at a rate of 10%. BRANCH PROFITS TAX Branches of foreign companies are liable to the same income tax rate of 15% as Lebanese companies in respect of their profits realised in Lebanon. Profits earned by branches of foreign PKF Worldwide Tax Guide 2016/17 4

6 companies are deemed to be distributed dividends and are subject to 10% distribution tax on the amount of the profit after deduction of income tax. VALUE ADDED TAX (VAT) Subject to certain exceptions, VAT applies on imports and to each taxable natural person or legal entity who provides goods or services in the course of an independent economic activity in Lebanon o and whose turnover exceeds 100,000 USD during four consecutive quarters. A taxpayer may choose to register for VAT even if his turnover is below this threshold. The VAT rate is set in general at 10%. The VAT law requires any person, who does not have a residence or an elected domicile in Lebanon to appoint a representative with the approval of the tax authority prior to undertaking any delivery of goods or provision of services within the Lebanese territory, regardless of its turnover. FRINGE BENEFITS TAX There are no fringe benefits tax in Lebanon. LOCAL TAXES There are no local taxes in Lebanon. STAMP DUTY Stamp duties are payable on all deeds and contracts, at the rate of 0.3% of the value of amounts contained in such deeds and contracts. Contracts and deeds signed by an offshore company in Lebanon and related to its activities abroad are exempt from the stamp duty. TAXATION OF PUBLIC CONTRACTORS All contractors awarded public works settle tax based on the total amounts collected from the government. The rate of deemed profit approved by the tax authorities is 10% on amounts collected. SOCIAL SECURITY - NSSF All employees are required to be registered with the National Social Security Fund. Contributions are made by both the employer and the employee to this Fund on the basis of income. Contributions are divided into three sections: End of Service Indemnity, Family Allowances and sickness and maternity. Although in respect of foreign nationals the company makes family and sickness and maternity contributions, the employees do not benefit from them, except in the case of the following nationalities: British, France, Belgian and Italian. Social security contributions for local personnel are payable as follows: a) End of Service Indemnity: 8.5% on total monthly salaries. (payable by the employer) b) Family Allowances: 6% on the monthly salary with a ceiling of 1,000 USD per employee (payable by the employer). c) Sickness and maternity: 9% on monthly salary with a ceiling of 1,667 USD per employee (7% as company s share and 2% as employee s share). As for expatriates no end of service indemnity contributions are to be paid, but the family allowances and Sickness and maternity are to be paid, as described above. B. DETERMINATION OF TAXABLE INCOME Taxable profits consist of all revenues earned by the enterprise after deduction of all charges necessary for carrying out the business. PKF Worldwide Tax Guide 2016/17 5

7 DEPRECIATION The amount of annual depreciation of fixed assets is fixed by the Ministry of Finance. Depreciation of land and goodwill is not acceptable for tax purposes. STOCK / INVENTORY Inventory of goods is valued at cost for tax purposes. DIVIDENDS Income tax on distribution of dividends is generally levied at source at a rate of 10%. Under certain specific conditions the rate is reduced to 5%. INTEREST DEDUCTIONS Interest on business loans is normally deductible. LOSSES Losses incurred in any one year may be carried forward for three years. FOREIGN SOURCED INCOME Income tax in Lebanon is territorial in general. Only profits realised in Lebanon and income derived from an activity in Lebanon is subject to Lebanese income tax. INCENTIVES The Lebanese tax system has instituted tax exemptions on certain activities or income. There are two types of tax exemptions. Permanent tax exemptions include those in respect of: Educational establishments. Hospitals, orphanages, asylums Agricultural investors. Sea and air transport companies, and provided there is a reciprocal agreement, foreign companies belonging to countries where Lebanese companies are operating. Public institutions that do not compete with private establishments. Banks offering long and medium-term credits: these banks are exempt from income tax for a period of seven years, as from the date of incorporation of the bank. As from the eighth year, the tax exemption is limited to an income equal to 4% of the capital. Temporary tax exemptions: The Lebanese tax system has instituted temporary tax exemptions mainly for newly established industries if they are set up in one of the development areas designated by the government. In addition, certain industrial activities are exempt when they relate to the economical development of the country and they fulfil certain legal requirements. TAXATION BASED ON TURNOVER Certain enterprises are not taxed on the actual net profits realised but apply a percentage of the annual turnover to arrive at their taxable profits. This is the case for: Insurance companies; Contractors, in respect of sums received from work undertaken for the account of governmental institutions. PKF Worldwide Tax Guide 2016/17 6

8 TAX ON INTERESTS RECEIVED Interest received from bank deposit accounts, certificates of deposit, Lebanese treasury bills, debentures, etc. is subject to a tax of 5%. C. FOREIGN TAX RELIEF There are no unilateral measures for the avoidance of double taxation. D. CORPORATE GROUPS Corporate groups are not generally recognised in Lebanon. E. RELATED PARTY TRANSACTIONS The tax authorities have the right to modify the amount and conditions of transactions carried out between related parties on the basis of the amount and conditions that would have prevailed in similar transactions between two independent parties and within competitive conditions. Parties are related where one of the parties has the power to determine the other party s financial, economic and organizational activities. F. WITHHOLDING TAX Remuneration paid to non-residents in consideration for services rendered in Lebanon are subject to a withholding tax at a rate of 7.50%. This rate is reduced to 2.25% when the sums paid relate to commercial activities. G. EXCHANGE CONTROL There are no restrictions concerning the repatriation of profits, income and capital nor are there any restrictions on the convertibility of currency. Residents can freely import and export national banknotes. They may own, deal in, export and import gold. Residents may own foreign currencies and foreign securities, and may maintain bank balances abroad. Non-residents can freely import and export national banknotes. They may maintain foreign currency accounts with banks in Lebanon. H. PERSONAL TAX Residents whether Lebanese or foreigners are taxable on income derived from Lebanon or from Lebanese sources only. Self-employed Individuals are bound to submit their tax returns, together with payment of tax due for the tax year end on 31 st December, by 31 st January if they are taxed on lump sum profits and by 31 st March if they are taxed on actual profits. Tax rates on income from personal independent services (basis of lump sum profits) are as follows: Band (in USD) Rate on band 0 6,000 4% 6,001 16,000 7% 16,001 36,000 12% 36,001 69,333 16% Over 69,333 21% Regarding payroll income tax, the employer shall withhold the tax from the salary of its employees and shall pay it on their behalf on a quarterly basis. This obligation applies to individuals, PKF Worldwide Tax Guide 2016/17 7

9 establishments, companies and associations that pay retirement pensions or life annuities. Rates of taxes on wages and salaries are applied after family deductions as follows: Band (in USD) Rate on band 0 4,000 2% 4,001 10,000 4% 10,001 20,000 7% 20,001 40,000 11% 40,001 80,000 15% Over 80,000 20% I. TREATY AND NON-TREATY WITHHOLDING TAX RATES In order to avoid double taxation of same income, treaties have been entered into with various countries to regulate bilateral relations. The Lebanese double taxation treaty network is one of the widest in the Middle East region with more than 30 treaties signed with different countries. Country Law Algeria Law No. 456 dated August 29, 2002 Armenia Law No. 38 dated February 23, 1999 Bahrain Law No. 569 dated February 11, 2004 Belarus Law No. 370 dated December 14, 2001 Bulgaria Law No. 111 dated October 25, 1999 Cuba Law No. 334 dated August 2, 2001 Cyprus Law No. 540 dated October 20, 2003 Czech Republic Law No. 82 dated June 14, 1999 Egypt Law No. 582 dated July 24, 1996 France Decree-Law No dated August 23, 1963 Gabon Law No. 516 dated July 16, 2003 Iran Law No. 43 dated February 23, 1999 Italy Law No. 288 dated April 3, 2001 Jordan Law No. 534 dated October 20, 2003 Kuwait Law No. 293 dated April 3, 2001 Malaysia Law No. 517 dated July 16, 2003 Malta Law No. 119 dated October 25, 1999 Malta-Amending protocol Law No. 81/2010 Morocco Law No. 404 dated June 5, 2002 Pakistan Law No. 737 dated May 15, 2006 Poland Law No. 178 dated May 24, 2000 Qatar Law No. 762 dated November 11, 2006 Romania Law No. 577 dated July 24, 1996 Russia Law No. 29 dated February 23, 1999 Senegal Law No. 538 dated October 20, 2003 PKF Worldwide Tax Guide 2016/17 8

10 Country Law Sudan Law No. 614 dated November 20, 2004 Sultanate of Oman Law No. 353 dated August 16, 2001 Syria Law No. 658 dated July 24, 1997 Tunisia Law No. 36 dated February 23, 1999 Turkey Law No. 734 dated May 15, 2006 Ukraine Law No. 500 dated July 16, 2003 United Arab Emirates Law No. 42 dated February 23, 1999 Yemen Law No. 513 dated July 16, 2003 PKF Worldwide Tax Guide 2016/17 9

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