Tripoli - 15/12/2017

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Libyan Economy

Taxation in Libya

The principal taxes in Libya are:

Revenue Duties.
Corporate Tax.
Salaries and Wages Tax.
Jehad Tax.
Withholding Taxes.

Taxation issues in Libya are important particularly for foreign investors. Rules are not always interpreted consistently and practices are prone to change with little notice. Local tax advice and assistance is therefore essential.

Revenue Duty

Any contract negotiated in Libya for anything other than a direct supply must be registered with the Tax Department with 60 days of signing the contract. A duty of 2% of the total contract value and 1% on sub-contracts is payable on registration. All invoices must bear the tax department stamp to show that the registration duty has been paid. There is a 5% sales stamp duty on local sales which is added to the sales invoice.

Corporation Tax

Corporation tax is changed under the Law 11 of 2004 previously Law 64 of 1973. This is done in two stages:

1)Preliminary assessment.
2)Final assessment.

Corporation tax rates range from 15% to 40% of the assessed profit.

Salaries and Wages Tax

Libyan Salaries and Wages tax applies to all salaries, wages, bonuses and benefits which arise from employment in Libya. Tax rates range from 8% to 15%.

Jehad Tax

This tax is payable under law 44 of 1970 and is levied on personal incomes at 3% and corporation profits at 4%.

Withholding Taxes

Government bodies withhold a stamp duty of 0.5% from all payments made by them. A further 0.2% is also payable on any official receipt including receipts for contract registration duties, corporation tax, personal tax etc.

Other Tax Notes

There is no gift or inheritance tax.
There is no VAT.
There are no local government taxes.
A company in receipt of an invoice from a contractor should always ensure that the invoice has been registered with the Tax Department. The company could become liable to the registration tax if this is not paid. The company should further ensure that the contractor is registered with the Tax Department and should sign the tax certificate periodically.
The export of goods to Libya is not subject to tax in Libya if the supplier's commitments end before customs clearance and the supplier is not registered in Libya. If the supply of goods is accompanied by a contract for installation of commissioning that contract will be taxable.

Double tax agreements

Libya has double taxation agreements with Algeria, Egypt, Iraq, Italy, Jordan, Malta, Mauritania, Morocco, Palestine, Sudan, Syria, Tunisia, United Arab Emirates and Yemen.
There are double taxation agreements on civil aviation activity with Italy, Kingdom of Saudi Arabia, Kuwait, Malta and Poland.
There are agreements in respect of INAS (social security) with Algeria, Bulgaria, Greece, Malta, Mauritania, Morocco, Pakistan, Poland, Romania, Tunisia and Turkey.
 

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