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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Libya

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Price: $

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About

Libya

Capital
Official languages
Population 
Currency

ISO 4217

Tripoli

Arabic and Berber

6,871,170 (as of 2019)

Libyan Dinar

LYD

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Economy

"The economy of Libya is largely dependent on its oil and gas reserves, which account for nearly 95% of the country’s exports and 75% of its GDP. According to the World Bank, Libya’s GDP in 2019 was estimated to be $53.7 billion, with a growth rate of 1.2%. The unemployment rate in Libya is estimated to be around 30%, with youth unemployment at a staggering 40%. Inflation in Libya is also high, with an estimated rate of 8.2% in 2019.

The Libyan government has been attempting to diversify its economy away from oil and gas, with a focus on developing the agricultural and tourism sectors. However, the ongoing political instability in the country has hindered progress in this area.

Overall, the economy of Libya is heavily reliant on its oil and gas reserves, and the country is facing significant economic challenges due to the ongoing political instability."

Taxation

As of 2021, Libya does not have a formal tax system in place. The government has not imposed any income tax, value-added tax, or other forms of taxation. This is largely due to the country's reliance on its oil reserves for revenue.


However, it's worth noting that in certain situations, foreign companies operating in Libya may be subject to taxes and fees. For example, foreign companies involved in the production of oil and gas may be required to pay royalties and other fees to the government.


Given the current political and economic instability in Libya, it's difficult to provide a specific process for tax payment or a calendar for payments. However, it's important for foreign companies operating in Libya to conduct thorough research and seek professional advice to ensure compliance with any applicable tax laws and regulations.

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PDF application form

B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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