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Libyan Tax Revenues Surpass 3 Billion Dinars in 2023

January 5, 2024
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The Libyan Tax Authority has reported that the total revenues generated in 2023 exceeded 3 billion Libyan dinars. The statement highlighted a surplus of 808.3 million dinars compared to 2022, representing a significant 37% increase.

Prime Minister of the Government of National Unity (GNU), Abdel-Hamid Dbaiba, commented that these figures “affirm the enhancement of economic stability and recovery, creating a competitive environment that contributes to diversifying government revenues and regulating the state’s fiscal policy.”

The Tax Authority revealed that revenues, constituting the general income, in 2023 amounted to over 2.542 billion dinars, a remarkable 58% increase, from the budgeted 1.6 billion.

Income tax was more than 1.526 billion dinars, with stamp duty revenues hitting 979.2 million dinars, and fines tax reaching 36.7 million dinars.

The GNU, despite receiving widespread support upon taking power, failed in achieving its primary objectives, including conducting elections and implementing urgent economic reforms.

The Libyan Audit Bureau, the country’s leading financial oversight body, reported numerous violations in its latest report. These included embezzlement of public funds through fictitious contracts, expansion in contract awards for supplies, and millions spent on luxury car purchases. Furthermore, the report detailed the stay of non-government-related individuals in hotels abroad at public expense.

Moreover, it exposed the payment of phantom salaries through forged national ID’s, and embezzlement from funds meant for treating wounded and sick Libyans abroad. The report also disclosed Dbaiba’s approval of purchasing luxury vehicles for ministers and government officials, amounting to 40.5 million Libyan dinars.

Additionally, the Audit Bureau revealed deviations in the public employment sector, including random appointments, administrative negligence, favouritism, and decreased productivity. Official documents disclosed corruption involving ministers and officials, including currency and precious metal smuggling.

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