Page 29 - Profmark Africa Overview 2024

Libya (GMT +2)

General:
▪ Capital City: Tripoli
▪ Official Language: Arabic
▪ Currency: Libyan Dinar (LYD)
▪ Main Exports: Crude oil, natural gas, petroleum products, chemicals
▪ Surface Area: 1 759.5 sq. km (thousands)
▪ Population: 7, 381 million (2024,est)
Key Economic Indicators:
▪ GDP: $50.49 billion (2023) / GDP Growth Rate: -1.7% (2023)
▪ CPI Inflation Rate (annual): 2.4% (2023)
▪ Sovereign Credit Rating: Fitch: B
▪ Indicator of Economic Freedom Score: N/A
Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Libyan-source income
▪ Non-residents: Libyan-source income
Tax Rates:
▪ Individuals: 10% + 3% Jihad surcharge
▪ Companies: 20% + 4% Jihad surcharge
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 0% (there is no VAT in Libya)
▪ Withholding Tax: N/A
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Central Bank of Libya http://cbl.gov.ly
▪ Libya Investment Authority http://lia.ly

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