Tax-related info to be provided to 27 countries
The Ministry of Finance has set a list of 27 countries to which Lebanon must provide information for tax purposes. The data pertains to 2017 and will be provided this year.
Parliament ratified the tax information exchange law in 2015. The following year, the country declared its commitment to the international standard of automatic exchange of financial account information.
The aim of the exchange of information is to help governments fight tax evasion. Data about foreign taxpayers with local bank accounts is to be shared with their governments.
Last year, the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes considered Lebanon as ‘Largely Compliant’ regarding tax transparency.
Reported by Shikrallah Nakhoul
Date Posted: May 21, 2018