Proposing an asset valuation law from the strong republic to protect taxpayers

Representative Ghassan Hasbani, on behalf of the Strong Republic bloc, presented an expedited, repeated law proposal aimed at amending Article 45 of Legislative Decree 144 dated 6/12/1995 (Income Tax Law) and authorizing income tax taxpayers to conduct an exceptional revaluation of inventory and fixed assets and to adopt an exceptional treatment for positive exchange differences. And the negativity resulting from receivables and payables and from financial accounts in foreign currency.

He said in a press conference, “This law contributes to addressing the effects of monetary inflation and the collapse of the lira’s exchange rate, and is in line with international standards for inflation for economies that suffer from its rise.”

He added: “This law addresses the problem resulting from taxing the positive differences in the Lebanese pound resulting from the collapse of the lira’s exchange rate on revaluation profits, and prevents taxpayers from bearing any losses resulting from fluctuations in the prices of goods and consumables.”

He pointed out that “this text was included in the draft budget, but it was dropped because it was moved to another session, and then it was dropped because the session was adjourned before it was discussed.”

He also pointed out, “The government had referred a draft law related to the issue, but we refused to discuss it because it is not permissible to refer laws from a caretaker government.” Due to the importance of the issue in protecting taxpayers after the collapse of the exchange rate, the repeated expedited proposal was submitted by the Strong Republic bloc for approval within the constitutional mechanism.