New 50 percent tax deduction on industrial export profits.
Summary: Lebanese industrialists will start receiving a 50 percent tax cut on the profits generated from export operations.
BEIRUT: Lebanese industrialists will start receiving a 50 percent tax cut on the profits generated from export operations.
According to a decision issued by Finance Minister Ali Hasan Khalil, the decision will be applied only to companies and firms that export locally manufactured goods that are destined for export purposes only.
These companies must also produce country of origin certificates to prove the goods were truly manufactured in Lebanon.
But the minister said that companies and firms which buy manufactured goods from abroad and then re-export them will not benefit from the tax exemption.
Also, companies which make packaging for non-Lebanese-made goods will not benefit from the new tax deduction.
The circular added that companies which extract minerals and water from Lebanese soil will not benefit from these tax deductions.
Companies which invest in oil derivatives that are extracted onshore or offshore, as well as Lebanon's exclusive economic zone, also have no right to ask for tax reduction from the Finance Ministry.
The new tax incentive was one of the main demands of Lebanese industrialists who have long complained of high taxes on exported items.
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|Publication:||The Daily Star (Beirut, Lebanon)|
|Date:||Jun 5, 2015|
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