CBL Slashes Foreign Exchange Tax to fifteen%

The Central Bank of Libya (CBL) has at this time introduced a discount in overseas trade tax to fifteen% for all transactions, following a directive from the House of Representatives (HoR). The transfer seeks to streamline the method for opening letters of credit score for items and companies.

The determination comes by Resolution No. 16 of 2024, issued by the HoR Speaker on 20 November 2024, based on an official CBL assertion.

The new coverage establishes a 15% charge on all overseas forex transactions on the official trade price, while sustaining present exemptions authorized by the HoR Speaker.

The framework permits potential future price changes primarily based on state revenues, with the Central Bank Governor and Deputy Governor authorised to suggest such modifications.

The implementation mechanism, outlined within the CBL’s round, cites Law No. 1 of 2005 governing banking operations. Revenue generated might be allotted based on Law No. 30 of 2023, both funding improvement tasks or contributing to public debt compensation.

“Banks are instructed to implement this decision immediately and facilitate documentary credit procedures for all purposes,” the CBL assertion learn.

The measure takes rapid impact, superseding earlier laws. This transfer represents the newest endeavour by Libyan authorities to handle overseas trade coverage and stimulate financial exercise.

The determination modifies the present overseas trade charge construction and goals to streamline worldwide commerce procedures by the banking system.