Beirut Traders meet Minister Nahas

Traders discuss complications of tax procedures with Minister of Economy

The Beirut Traders Association (BTA) organized a seminar on Monday (January 16) with the Minister of Economy and Trade, Nicolas Nahas, in collaboration with Banque Libano Francaise (BLF).
The gathering addressed complications arising from income tax procedures, mainly the second provision of Article 34 of the Tax Act.
The president of the BTA, Nicolas Chammas, complained that the tax payment requirements stated in this provision of the law are at times confusing and problematic for taxpayers.
The Ministry of Finance (MoF) stipulates that when settling income tax, taxpayers, in this case merchants, must record the fiscal numbers of their customers on their bills. According to Chammas, this requirement makes the merchant liable for recording the fiscal number of the customer, even if the latter is not registered.
According to Article 34 of the Tax Act, taxpayers (mostly corporations) should record the fiscal numbers of their clients in all their documents (mainly bills and receipts). All entities (individual or corporate) who have been registered at the MoF as taxpayers are given a fiscal number. Subsequently, individuals who are not counted as taxpayers do not have fiscal numbers.
The interlocutors decided to establish a technical committee to prepare a valid interpretation of the rulings of Article 34, Provision 2, and submit it to the MoF.