Oil tax bill voted into law. Corporate tax on oil-related companies set at 20 percent

Parliament recently ratified the oil tax bill suggested by the Lebanese Petroleum Administration (LPA) and approved by the government, with a few amendments.

The new law sets the corporate tax on companies' profits exploring and operating offshore exploration at 20 percent. Regular income tax is 15 percent (it has been suggested that it be increased to 17 percent in the law currently under review by the Constitutional Council).

For the calculation of profits, all expenses paid bef...

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