Lebanon has taken yet another step towards tax transparency in a connected world. Decree No 55 (2016) granted the Lebanese government the authority to sign the Convention on Mutual Assistance in Tax Matters (Convention) and the Multilateral Competent Authority Agreement (MCAA). On May 12, 2017, Lebanon signed the Convention the becoming the 111th jurisdiction to join as well as the MCAA becoming the 89th jurisdiction to sign.
These agreements put Lebanon in a stronger position to fully implement Automatic Exchange of Information (AEOI) with the Organization for Economic Cooperation and Development (OECD). While there is still regulatory work to be done at home, Lebanon has given the world its word that it will continue to work towards compliance. At the same time, these signatures re-confirm Lebanon’s commitment to implementing the automatic exchange of financial account information in line with the Common Reporting Standard in time to fully begin exchanging information in 2018.
Contact us if you have questions about what may be necessary to disclose in the coming months for your personal finances or business.