Industry Trend Analysis - Tax Law Paves Way For Exploration - NOV 2017
BMI View: The finalisation of the petroleum tax law in Lebanon is a crucial step towards the development of the country's hydrocarbon sector. Relatively favourable taxation terms and the stability new legislation brings will be a positive for interest in the latest offshore licensing round.
Lebanon has approved a new petroleum tax law, with the legislation passing through government earlier this week. The law introduces a 20% corporate income tax for companies involved with the exploration and production of hydrocarbons, alongside a fixed stamp-duty fee of 5 million Lebanese pounds (USD3,309).
Lebanon Playing Catch-Up
|Lebanese Regime Regionally Competitive|
|East Mediterranean Corporate Income Tax Rate By Country, %|
|Source: EY Global Oil & Gas Tax Guide 2017, BMI|