The headquarters of the VAT department, in the courthouse district of Beirut. (Credit: Philippe Hage Boutros)
On Tuesday, the Finance Ministry issued a decision outlining the provisions related to the revaluation of real estate assets seized by banks due to their clients’ failure to repay debts, as well as the revaluation of their other real estate and land assets. In this decision, the Ministry specifies the exchange rate that banks must use for these revaluations, given that the lira exchange rate to the dollar has significantly fluctuated since the onset of the Lebanese economic crisis in 2019, until achieving stability in the summer of 2023.“This mechanism, whose aim is purely fiscal and accounting in nature, is intended to adjust the accounts of Lebanese banks. It follows and complements Law No. 330 of 2024,” said Nadim Daher, a certified public accountant and member of the Lebanese Association for the Taxpayers’ Rights. More on banks'...
On Tuesday, the Finance Ministry issued a decision outlining the provisions related to the revaluation of real estate assets seized by banks due to their clients’ failure to repay debts, as well as the revaluation of their other real estate and land assets. In this decision, the Ministry specifies the exchange rate that banks must use for these revaluations, given that the lira exchange rate to the dollar has significantly fluctuated since the onset of the Lebanese economic crisis in 2019, until achieving stability in the summer of 2023.“This mechanism, whose aim is purely fiscal and accounting in nature, is intended to adjust the accounts of Lebanese banks. It follows and complements Law No. 330 of 2024,” said Nadim Daher, a certified public accountant and member of the Lebanese Association for the Taxpayers’ Rights. More...
