Lump sum tax postponed again. In response to demands by private sector

Lump sum tax
postponed again
In response to demands by private sector
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The lump sum tax on businesses and professionals has been temporarily suspended.

The decision was made following an agreement between the President of the Republic, the caretaker Prime Minister, and caretaker Minister of Finance.

The Ministry of Finance said that taxpayers were asking the authorities to postpone this tax once again, and that it is well aware of the current economic and financial challenges. The government has postponed the levying of this controversial tax since 2014 following complaints by businesses and other taxpayers.

This annual fee ranges from LL50,000 ($33) on taxpayers taxable on lump-sum profits to LL2 million ($1,327) on joint stock companies and companies limited by shares.

The lump sum tax is due September 30 of each year.
Reported by Shikrallah Nakhoul
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Date Posted: Sep 19, 2018