Lebanon initiates redrafting of income tax law

A joint committee from the Lebanese Presidency of the Council of Ministers and the Ministry of Finance has convened to review and redraft the national income tax law. This initiative aims to modernize the Lebanese tax system and align it with international standards, following proposals from Finance Minister Yassin Jaber.

The committee's objective is to create a modern, applicable law that balances the stimulation of investment and job creation with the need to secure sustainable and fair revenue for the national treasury. Key guiding principles for the new law include constitutional legitimacy, justice, transparency, and accountability.

To achieve these goals, the committee plans to review tax exemptions to expand the tax base and ensure a more equitable distribution of the tax burden. The process will involve a technical and legislative audit to close loopholes that facilitate tax evasion. The redrafting process is intended to be participatory, involving unions, economic and professional bodies, and experts to ensure the final text is balanced and respects Lebanon's specific economic context.