New online tax calculator for individual taxpayers
Procedures to be carried out via Ministry of Finance website
The Ministry of Finance (MoF) said it has developed an online tax calculator to help individual taxpayers calculate the tax on the income they generate from their participation in partnerships or professions that are subject to income tax.
The MoF said that the application, which is on its website, aims to facilitate tax payment and collection.
The taxable income could be based on deemed profits, lump-sum profits, or real profits.
Taxpayers currently fill paperwork, said Auditor Elie Saliba. Tax declarations are also submitted through audit offices, which use licensed software programs for this purpose, Saliba said. He said that the new app will facilitate and speed up the tax payment procedures.
Reported by Shikrallah Nakhoul
Date Posted: Sep 21, 2018