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This decision describes to the tax treatment of loses from unintentional damage of fixed assets. Any asset which has been damaged due to an uncontrollable event can be fully depreciated from the company’s assets and fully deducted from the company’s yearly profit which is declared in the corporate income tax declaration.

This law amends clause 1 of articles 23, 29 and 32 and clause 1 of article 107 of tax Law No. 44 dated 11 November 2008 related to the Tax Procedures Code. Mainly additions include:

• Definitions related to tax residency in Lebanon
• Requirements related to the accounting records to be kept by the companies
• Requirements related to reporting information to the Ministry of Finance

This law overrules law No. 43 dated 26 November 2015. Law no. 55 provides further detail into the methods of exchanging information. Information can be exchange through the Exchange of Information on Request (“EIOR”) method or through the Automatic Exchange of Information (“AEOI”) either through a signed double tax treaty or through the Common Reporting Standards (“CRS”).

This law restricts any joint-stock company from issuing bearer shares and requires them to substitute their bearer shares to nominal shares within a year. These companies have to amend their Articles of Association accordingly and notify their shareholders of such amendment.Otherwise, the company will be subject to a penalty equal to 50% of its capital amount and will deprive its shareholders from executing their rights and from being assigned a position at the Company’s Board of Directors.