Προφίλ συναλλασσόμενης χώρας Λιβύη

Tax rates

Corporate tax

Flat rate of 20%

Capital gains taxation: Capital gains are treated as income and taxed at the standard rate.
Main allowable deductions and tax credit: Deductions for depreciation, losses, expenses for starting performance of the activity.
Other corporate taxes: Jihad tax (national defense tax), registration tax, payroll tax, social security contributions, stamp duty.

Personal Income Tax (wages and salaries)	from 5 to 10%
Up to LYD 12,000	5%
Over LYD 12,000	10%

Allowable deductions and tax credit: Various personal allowances and deductions are granted. For more information, consult SAT Website (Sultan for Accounting, Auditing and Tax Consulting).

Countries with whom a double taxation treaty have been signed: List of countries having signed a fiscal agreement with Libya
Withholding taxes: Dividends: 0, Interest: 5%, Royalties: are taxed as ordinary income.
Bilateral agreement

Tax year: 1 January to 31 December.
Accounting standards: Most entities apply International Financial Reporting Standards (IFRS).
Accounting regulation bodies: The Dewan of Audit
Accounting reports: Financial statements should include:
- Directors’ report
- Profit and loss account
- Balance Sheet
- Cash flow statement
- Control committee report
- Notes to the above.
Publication requirements: All business entities in Libya are required by Libyan law to maintain, in Arabic, a ledger and journal. These must bear revenue stamps on each page before use and must be registered at the commercial court.
Professional accountancy bodies: List of accounting organizations on the Yellow Pages
Certification and auditing: Financial statements of foreign companies are required to be audited by qualified auditors annually.
You can contact an external auditor: Deloitte, Ernst & Young, PricewaterhouseCoopers.
Accounting news: Einnews