Minister of Finance warns persons obtaining foreign movable capital revenues from tax evasion

Minister of Finance, Ghazi Wazni, on Thursday issued a notice regarding foreign movable capital revenues that are received by persons residing in Lebanon. 

The notice made clear that Article 82 of the Income Tax Law obliged persons residing in Lebanon, who obtained foreign movable capital revenues, should declare these revenues before March 1 of every year and pay the due tax before the first of April of each year. 

The notice also warned that the failure of taxpayers to comply with these obligations was deemed outright tax evasion as stipulated by Article 1 of the Tax Procedures Law and constituted a criminal financial violation. 

"The Ministry of Finance warns concerned taxpayers to comply with their obligations in order to avoid fines stipulated by the Tax Procedures Law and criminal prosecution before the competent courts," the notice added.