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Libya
Overview
Last reviewed - 03 December 2023Libya, 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 |
