Jaber launches new exemptions... and a surprise meeting in Washington

Finance Minister Yassin Jaber issued an implementing decision organizing the mechanism for calculating the inheritance transfer fee and related exemptions, in implementation of Article 45 of the 2026 General Budget Law. Under the decision, events occurring before January 1, 2007 are exempt from the transfer fee, and exemptions, reductions and rates are set for events occurring between January 1, 2007 and November 15, 2022, and those occurring as of November 16, 2022. For events occurring as of November 16, 2022, the exempted portion of the net inheritance share was set at 2.4 billion Lebanese pounds for descendants, spouses and parents, 960 million pounds for ascendants other than parents and for siblings, and 480 million pounds for other heirs. The decision also exempted all aid, subsidies and grants paid from public funds, and set the exemption on gifts at no more than 96 million pounds, rising to 6 billion pounds when the beneficiary is an institution or association among categories specified by law, including religious endowments. The decision also regulates the situation of taxpayers liable for the transfer fee who have not paid fees due on events occurring as of November 16, 2022, with competent financial units to recalculate fees according to the new provisions. The decision comes concurrently with the start of the Lebanese ministerial delegation's meetings in Washington, led by Prime Minister Nawaf Salam, with senior officials at the International Monetary Fund and the World Bank, and outside the agreed program a meeting was decided for 4 p.m. today, Monday, between Salam, Jaber and U.S. Treasury Secretary Scott Bessent.