Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular 2/2014: Decision No. 17 of 2014 on Procedures for Collection Operations
The Central Bank of Libya mandates that imports via land borders against collection documents are restricted to goods originating from neighboring countries and requires invoice values to be stated in certificates of origin. Banks are assigned responsibility for verifying collection documents and activating compliance units, while the commission fee for collection remittances is fixed at 2.0% of the document value. Importers must submit invoices to customs for estimated duty calculation, with amounts withheld in advance from their accounts.
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