22 Hrs
Source:
عين ليبيا
New mechanism for external transactions
The Ministry of Economy and Commerce in Libya has adopted a new mechanism to regulate the external trade transaction limits for companies. This mechanism links the volume of documentary credits and external transfers to the actual economic activity and the company's level of tax compliance. The annual thresholds for transactions are set at an amount equivalent to 30 times the average income tax paid over the past three years, plus 10 times the average social security and wages tax. The goal of this mechanism is to connect external dealings with the real activity of the companies and it serves as a transitional phase until the comprehensive financial solvency classification system is completed. This future system will rely on broader indicators to determine transaction limits.
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