Lebanese Petroleum Tax Law
Type
Legislative Insight
Legal reference
Lebanon Decree No. 42/2017, Lebanon Decree No. 43/2017, Lebanon Decree-Law No. 144/1959, Lebanon Law No. 57/2017, Lebanon Law No. 132/2010, Lebanon Law No. 44/2008, Lebanon Regulation No. 10289/2013
The Lebanese Petroleum Tax Law, Lebanon Law No. 57/2017 of 05/10/2017 (PTL) is one of the components of the Lebanese legal framework for offshore petroleum activities. The foundation of this legal framework is the Offshore Petroleum Resources Law, Lebanon Law No. 132/2010 of 24/8/2010 (OPRL).
The Offshore Petroleum Resources Law (OPRL) marks the first substantial legal instrument to regulate the development of the Lebanese offshore petroleum industry. In application of the OPRL, a number of relevant laws and decrees were issued. These include, among other laws, Lebanon Regulation No. 10289/2013 of 30/4/2013 on Petroleum Activities Regulations and Lebanon Decree No. 42/2017 of 19/1/2017 on Offshore Blocks Delineation. Further, there are laws and decrees that are yet to be issued pursuant to the OPRL such as a law on the governance of a sovereign wealth fund where state hydrocarbon revenues shall be deposited.