23 Hrs
Source:
عين ليبيا
Tax of 500,000 Dinars on Each Million Dollars Why Is Treasury Missing It
The recent economic report by Mukhtar al-Jadid discussed the mechanism for handling documentary credits and taxes in Libya. It warned against selling dollars at a loss or abandoning them to achieve quick gains. He clarified that a credit of one million dollars can generate profits of no less than 2.5 million Libyan dinars, and that the tax law imposes a 20% tax on companies, which translates to at least 500,000 dinars in tax for a similar credit. He pointed out a gap between accounts and reality, where companies open credits for large amounts, yet their taxes only range from a few thousand dinars. He proposed deducting taxes at the outset of opening the credit. Additionally, he advised against selling at a loss even if the dollar's price rises, and warned against selling for short-term gains. He sent a message to individuals holding cash to avoid quick selling operations aimed at small profits.
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