Tax on property income in Libya
Effective Tax Rate on Rental Income |
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| Monthly Income | US$1,500 | US$6,000 | US$12,000 |
| Tax Rate | 15.00% | 15.00% | 15.00% |
| Click here to see a worked example | |||
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Source: Global Property Guide research |
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INDIVIDUAL TAXATION
Nonresidents are taxed on their Libyan-sourced income. Married couples are taxed separately.
INCOME TAX
Different income tax rates apply depending on the source of income.
Income from commercial activities is taxed at a flat rate of 20%.
Employment income is taxed at progressive rates.
INCOME TAX |
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| TAX BASE, LYD(US$) | 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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