The Libyan Parliament has referred its decision to reduce the foreign exchange sales tax to 15% for all purposes to the Central Bank of Libya (CBL).
Parliament spokesperson Abdullah Bliheg stated that the tax rate could be further reduced depending on Libya’s state revenue conditions and recommendations from the CBL Governor and Deputy Governor.
This marks the second reduction of the so-called “dollar tax,” which was lowered in October from 27% to 20%. The tax was initially introduced in March.
Osama Younis, Director of the Presidency Office at the Parliament, sent a letter to CBL Governor Naji Issa and Deputy Governor Mari Elbarassi, urging them to implement the new reduction in foreign exchange sales tax.
The foreign exchange tax was first introduced by the outgoing Government of National Accord in September 2018, with an initial rate of 183% applied to foreign currency sales.
