Libya

Overview

Last reviewed - 26 May 2021

Libya, a country located in North Africa, is bordered by Egypt to the east, Sudan to the southeast, Chad and Niger to the south, Algeria and Tunisia to the west, and the Mediterranean Sea to the north. Libya gained its independence in 1951. Libya's capital is Tripoli, and its official language is Arabic (although many Libyans also speak English or Italian as a second language). Libya's currency is the Libyan dinar (LYD).

The momentous events of 2011, which resulted in the overthrow of a regime that had been in place for 42 years, has descended into political uncertainty giving rise to security issues. The oil sector, where production is significantly below pre-2011 levels, remains key to a more stable and peaceful future.

PwC Libya (Al Motahedoon) has been serving clients in Libya for many years. During this period, the firm has obtained extensive experience in the Libyan marketplace, servicing both local and international clients alike.

As a member firm of PwC, we provide assurance, advisory, and tax services. In the region of which we form a part, we are able to draw on the resources of the Middle East network as well as the wider network of the global firm.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

24 (i.e. 20% + 4% Jehad Tax)

Corporate income tax (CIT) due dates
CIT return due date

Within four months of its year-end or one month of its audit report, whichever is earlier.

CIT final payment due date

The final quarterly payment due date after assessment.

CIT estimated payment due dates

CIT is payable quarterly, on 10 March, 10 June, 10 September, and 10 December, after assessment.

Personal income tax (PIT) rates
Headline PIT rate (%)

13 (i.e. 10% + 3% Jehad Tax)

Personal income tax (PIT) due dates
PIT return due date

NP

PIT final payment due date

NP

PIT estimated payment due dates

60 days (plus 15 days grace period) after the month-end.

Value-added tax (VAT) rates
Standard VAT rate (%)

NA

Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

NA

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

Headline individual capital gains tax rate (%)

Capital gains are subject to the normal PIT rate.

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Headline inheritance tax rate (%)

NA

Headline gift tax rate (%)

NA

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.