Regulatory Alerts2022-06-06
Law No. 11 of 2004 on Income Tax and Its Executive Regulations
The General People's Congress of Libya enacted Law No. 11 of 2004 to establish a comprehensive income tax framework governing the assessment, collection, and exemption of taxes on individuals, partnerships, commercial, industrial, agricultural, and professional activities. The legislation mandates annual tax declarations, defines deductible expenses and depreciation rates, sets progressive tax brackets for various income categories, and outlines strict procedures for tax appeals, settlements, and enforcement. It further specifies exemption thresholds, social security contributions, and the legal mechanisms for handling tax evasion, asset seizure, and statute of limitations.
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