Libya Corporate Income Tax

Corporate income tax rate and base

• Corporate income tax base and filing overview — Libyan corporate income tax is a flat 20% on taxable profits, assessed on worldwide income of resident companies. Filing follows the year-end and payment is made in quarterly installments after assessment.
• Corporate income tax rate — 20% flat on taxable profits percent (Income Tax Law No. 7 of 2010)
• Tax base — Worldwide income — income arising both in Libya and abroad is assessable (Income Tax Law No. 7 of 2010)
• Jihad tax surcharge — Abolished — previously 4% on CIT (Income Tax Law No. 7 of 2010)
• Stamp duty on contracts — Main service/supply contracts 1% of value; subcontracts 0.1% percent (Stamp Duty Law)
• Withholding tax on dividends — Generally no separate dividend withholding tax in Libya ((approx — confirm)) (Income Tax Law No. 7 of 2010)
• Withholding tax on interest — No general statutory interest withholding tax regime ((approx — confirm)) (Income Tax Law No. 7 of 2010)
• Withholding tax on royalties — No general statutory royalty withholding tax regime ((approx — confirm)) (Income Tax Law No. 7 of 2010)
• Annual return filing deadline — Within four months of year-end, or within one month of the audit report, whichever is earlier (Income Tax Law No. 7 of 2010)
• Payment dates — CIT payable quarterly on 10 March, 10 June, 10 September and 10 December, commencing the first quarter date after an assessment is issued (Income Tax Law No. 7 of 2010)
• Tax year — Generally the calendar year; a company's own year-end is permitted with prior Tax Department approval (Income Tax Law No. 7 of 2010)
• Import service fee — 5% service fee on the value of most imports percent (Customs Law)