Regulatory Alerts2022-06-06
Law No. 7 of 1378 AH (2010 CE) Regarding Income Taxes
The General People's Congress of Libya enacted Law No. 7 of 2010 to establish a comprehensive income tax framework applicable to individuals, partnerships, and companies operating domestically or generating foreign-sourced income. The legislation mandates annual tax declarations, defines taxable income and allowable deductions, and sets specific statutory rates ranging from 5% to 15% across commercial, industrial, freelance, and employment sectors. It further outlines assessment procedures, appeal mechanisms before primary and appellate committees, exemption criteria for charitable and public entities, and strict penalties for late payment, evasion, or non-compliance.
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