“You have obligations whether you generate revenue or not”
If you are an entrepreneur, a business owner, a fresh graduate, a freelancer, or a property and startup owner, learning how to abide by the Lebanese laws and regulations while meeting your obligations and securing your rights is crucial. Amanda Couzi, Managing Director of Abou Nasr and Associates – BKR International, gives her top ten tips on how to be fiscally aware.
Prior to starting any business or making any transaction, you should know there’s a liability tax in Lebanon, so you have obligations whether you generate revenues or not.
You should research your obligations on the Ministry of Finance’s website.
Inquire the advice of auditors and tax advisors so you can be compliant with the Lebanese tax law and submit your declaration and pay your taxes on time.
Seek the advice of a lawyer in constituting the legal structure of your company.
Be organized in your filling while keeping all your documents and supporting documents related to your transactions. Make sure you keep all invoices and receipts in sequential order by date and number and that they include all details about the client/supplier and the company with their fiscal numbers.
Before making any unusual transaction, you should consult a tax advisor because of the detailed laws and regulations in Lebanon that might require additional obligations and formalities.
If anything in the constitution of the company changes over time such as company address, you should inform your lawyer and auditor to take the appropriate action.
It’s better to register employees from the first day of work so you can be compliant and have a healthy relationship with the employee.
If you are an employee and your family situation changes, make sure to tell your employers so you can benefit from the additional tax exemptions and family allowances put in place.
Built Property taxes, if you own multiple properties that are vacant, you should submit a special application to the Ministry of Finance to avoid certain taxes.
About the author
With over 13 years of comprehensive Audit, Tax, Accounting and financial experience, Amanda is currently the Managing Director of Abou Nasr and Associates – BKR International and a trainee member at the Lebanese Association of Certified Public Accountants. She’s a member of BKR International EMEA Tax committee and has received the 2017 BKR International Scholarship Award in Honor of exemplary academic performance in the accounting profession. Amanda took the initiative of setting up the training department to bring fiscal awareness into light and has also attended several leadership conferences throughout Europe.