Lebanon’s Ministry of Finance Mandates Online Payments for Labor Fees
In a recent move, the Lebanese Ministry of Finance, under the direction of Minister Yassin Jaber, has issued a circular to all money transfer companies and banks responsible for collecting fees for the Ministry of Labor. The directive mandates a complete transition from the offline payment method to an online system. This change is set to take effect on November 1, 2025.
Key Changes and Requirements
This isn’t the first time the Ministry of Finance has implemented such a measure. Previously, a similar circular was issued to companies and banks that handle real estate fee collections, also requiring them to adopt the online method. This move underscores the government’s push for modernization and efficiency in financial transactions.
The Ministry of Finance has reminded money transfer companies, both those currently contracted and those who will be in the future, about the operational procedures they must follow. These include the proper transfer of information using the specified models and the continued submission of original documents. Additionally, companies must adhere to the deadlines for transferring collected funds, as outlined in Decree No. 12641 dated December 5, 2023. Funds must be transferred three times a week, with each table paid separately, to avoid the application of fines specified in the decree.
Implications for Businesses and Financial Institutions
This transition to online payment methods is expected to streamline the process of fee collection for the Ministry of Labor. By adopting the online method, the Ministry of Finance aims to improve the efficiency and transparency of financial operations. Moreover, the strict adherence to deadlines and regulations, as detailed in Decree No. 12641, is crucial for financial institutions to avoid penalties.
The Ministry of Finance’s initiatives reflect a broader effort to modernize financial systems in Lebanon. By mandating online payment methods and enforcing strict compliance, the government seeks to enhance the efficiency and transparency of financial transactions.
About the Author
