Tax on property income in Libya

January 07, 2019

INDIVIDUAL TAXATION

Nonresidents are taxed on their Libyan-sourced income. Married couples are taxed separately.

INCOME TAX

Different income tax rates apply depending on the source of income.

Income from commercial activities is taxed at a flat rate of 20%.

Employment income is taxed at progressive rates.

INCOME TAX

TAX BASE, LYD(US$) TAX RATE
Up to 12,000 (US$8,571) 5%
Over 12,000 (US$8,571) 10% on income over US$8,751
Source: Global Property Guide

Jihad Tax

Tax jihad is levied on the taxable income of individuals at 4%.

RENTAL INCOME
Rental income earned by nonresidents is taxed at a flat rate of 20%.

CAPITAL GAINS
Capital gains are treated as ordinary income and are taxed at a flat rate of 20%.


PROPERTY TAXATION

There are no property taxes in Libya.

CORPORATE TAXATION

INCOME TAX

Income and capital gains earned by companies are taxed in Libya. Income-generating expenses are deductible when calculating taxable income. Corporate income tax is levied at a flat rate of 20%.

Jihad Tax

Tax jihad is levied on companies at 4% on the taxable income.

 

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