Did you know that the Lebanese Association of Certified Public Accountants now has an application that you can download on iTunes or on Google Play
According to its description, it should contribute to:
– Preserving and promoting the interests of CPAs and the profession itself.
– Serving to improve the transparency of the industry and to maintain the profession’s integrity
– Providing better products for the CPAs, Professionals and the public.
– Ensuring the well-being of LACPA’s members, while upholding the public interest. We believe that this can be assured by:
– Enhancing the services’ quality based on professional competence, integrity, and objectivity.
– Serving as an advocate for, and promoting the public image of, its members.
– Articulating positions on professional and public issues when the expertise of CPAs is relevant.
– Providing the necessary resources for members to thrive in a dynamic, rapidly changing environment.
– Ensuring that LACPA becomes globally recognized by the financial community as a respected institution influencing the concepts and ethical practices of accounting and auditing.
– Providing members with a personal and professional development opportunities in accounting and auditing through education and in association with business professionals and certification.
BKR International is the leading global association of independent accounting and business advisory firms representing the expertise of 160 member firms in over 350 offices and 75 countries around the world.
In this bulletin’s issue:
2015 Regional MeetingAgendas
Member Profile: Doshi, Chatterjee, Bagri & Co.(Kolkata)
Emerging India: Unleashing Boundaries
BKR Membership Update
Howard Rosen (St. Louis) and Stephen Roger (Sydney) Promote BKR in India
BKR in the Press
Member News and Notes
Download the BKR Worldwide Bulletin March/April 2015
Read the latest news in Economy, Trade, Banking, and Energy in the most recent Country Risk Weekly Bulletin 288 prepared and published by Byblos Bank SAL
Five common judgment biases have the potential to influence financial statement preparers and auditors in their work. Learning how to spot and short-circuit these biases can help CPAs maintain their objectivity.
Decisions can be influenced by:
(1)relying on information that is most readily accessible (availability);
(2)focusing on a preliminary amount and making an adjustment (anchoring and adjustment);
(3)overestimating abilities (overconfidence);
(4)making interpretations that support preexisting beliefs (confirmation);
and (5)failing to consider all available data (rush to solve).
Using a professional judgment framework can help CPAs prevent biases from creeping into their work. Decisions also can be improved by “considering the opposite” or explaining why an initial assessment may be incorrect.
Read more about decision making and judgment bias that can affect accounting and auditing decisions in this featured article in The Journal of Accountancy
It is always pleasing to receive accolades and two awards were granted this year; one being the Acquisition International award for “Accounting Association of the Year – EMEA Region” and the other from the International Accounting Bulletin as runner-up for “Association of the Year 2014”
Abou Nasr and Associates is excited and delighted to join the BKR INTERNATIONAL EMEA Regional Meeting in Stockholm, Sweden, May 16-18.
Find out more about BRK International in the 2015 BKR Annual Report
“Lebanon came in 10th in the region and 94th worldwide in Natixis Asset Management’s retirement index for the year 2015, with a score of 50% in the index. In details, Lebanon scored 34% in the quality of life sub-index, the worse score in the region, while achieving a score of 69% in the health sub-index, the second highest score in the region.”
Find out more in the attached Credit Libanais Market Watch – Feb 9 2015 – Feb 13 2015
Keep this handy blog post saved and check it every month to make sure you don’t miss any filing deadlines
- January 15 :
- Income Tax on salaries Q4 of previous year
- Income Tax on interest (part III) Q4 of previous year
- January 20:
- VAT return on Q4 previous year
- January 31:
- Payment of Alcohol permits for restaurants
- Income Tax Returns for Taxpayers under lump sum scheme non-profit organization
- February 28:
- Filing of R6 and R7
- Annual return of income tax on salaries R5
- March 31:
- Income tax returns for sole proprietorship and partnership under the real profit method
- Progressive tax return on real estate
- Annual declaration to social security
- April 15:
- Income tax on salaries Q1 of current year
- Income tax on interest (part III) Q1 of current year
- April 20:
- April 30:
- Personal Income Tax on salaries return R8
- May 31:
- Income Tax returns of capital companies
- June 30:
- Auditors report on partnership entities
- July 15:
- Income tax on salaries Q2
- Income tax on interest (part III) Q2
- July 20:
- August 31:
- Auditors report on corporation (SAL and SARL)
- October 15:
- Income Tax on salaries Q3
- Income tax on interest (part III) Q3
- October 20:
Did you know?
- Registration at VAT becomes compulsory as soon as sales for 4 consecutive quarters exceed 150.000.000 LBP or 100.000$. The registration should be done within two months after the end of the quarter reaching 100,000$. As per Tax Procedure Law: If the submission/receipt deadline falls on an official holiday or Sunday, the deadline is automatically extended to the next working day.
- Year-end bonuses based on performance, not declared in Q4 can be declared within the annual return on 28/2 without any penalties if a decision is taken in a previous meetings minutes. The registration number of the Ministry of Finance should be mentioned on all invoices and receipts.
- Partners and directors of companies are not allowed to obtain loans from their companies; any loans outstanding may lead to an assessment by the Ministry of Finance. As per Tax Procedure Law: If the submission/receipt deadline falls on an official holiday or Sunday, the deadline is automatically extended to the next working day.
- Taxpayers earning salaries from more than 1 employer must prepare an individual tax return by 30/4. Dividends declared in annual general meetings are taxable at 10% and must be declared within one month of the decision date of the minute. As per Tax Procedure Law: If the submission/receipt deadline falls on an official holiday or Sunday, the deadline is automatically extended to the next working day.
- Payments to non-residents rendering services are subject to a 7.5% withholding tax and 2.25% when it involves goods acquired. As per Tax Procedure Law: If the submission/receipt deadline falls on an official holiday or Sunday, the deadline is automatically extended to the next working day.
- Any disposal of parts in an SARL or Partnership must be declared within two months on the agreement and a Tax 10% on the capital gain is due. The ministry of Finance reserves the right to assess the valuation of the parts disposed. Any amendments in the company’s bylaws should be reported within two months to the Ministry of Finance.
- Contracts are subject to 0.3% stamp duty by apposing fiscal stamps on the contract when the amount of the stamps exceeds 200,000 LBP. The payment must be done at the Ministry of Finance within 5 working days of the contract date. As per Tax Procedure Law: If the submission/receipt deadline falls on an official holiday or Sunday, the deadline is automatically extended to the next working day.
- Lebanon has signed a number of tax treaties with other countries as well as reciprocal investment protection agreements. To obtain a list, do not hesitate to contact us.
- When a company or any taxpayer ceases work, it should report it to the Ministry of Finance within two months.
- Companies and individuals wishing to import goods into Lebanon must have a registration number at the income tax and a clearance from the social security in that sense. Goods exporters should be registered at the VAT.
- Payments to foreign companies for services rendered in Lebanon are subject to VAT to be declared by the Lebanese taxpayers whether registered or not at the VAT Department. As per Tax Procedure Law: If the submission/receipt deadline falls on an official holiday or Sunday, the deadline is automatically extended to the next working day.
- Interest on long terms loans by Holding companies to subsidiaries is exempt from taxation in the Holding and deductible at the level of the subsidiaries on condition that it abides by instruction #1366 dated 31/08/2007 by the Ministry of Finance.
- Interest on bonds issued is taxed at 5% and is payable on a monthly basis in the currency of the bond issued to the Ministry of Finance.
This information has been prepared to provide an overview of the business environment, forms of business entities, finance, taxation, and audit and accounting practices in Iraq/Kurdistan. It provides a broad summary of the prominent features of the topics discussed. This information is general in nature and should not be used as a substitute for detailed advice. Persons conducting, or planning to conduct, business in Iraq/Kurdistan are advised to obtain detailed information from experienced professionals.
This publication was written by Abou Nasr & Associates (Beirut) as of November 2013.
Click on the following link to read or download the guide: Doing Business in Iraq Kurdistan
We at Abou Nasr & Associates, independent member of BKR international, can help you set up any kind of business in Lebanon and we’d be more than happy to assist you should you have additional questions that are not answered by this comprehensive document. Don’t hesitate to give us a call, or leave us a message with your contact details and we’ll get in touch with you.