New Double Taxation Convention – Libya
A new Double Taxation Convention has been signed by the UK and Libya. The convention will become law once it has been the subject of legislative procedures of both the UK and Libya.
In the UK the provisions of the convention will take effect from April 1 2009. In Libya they will take effect from January 1 in the calendar year following the date of entry into force
As is the case with any Double Taxation Agreement it will now become easier for any British business to increase and develop business interests in Libya and vice-versa for Libyan businesses / investors in the UK.
The UK is also currently putting into place Double Taxation Conventions with The Netherlands, Ethiopia and Thailand which are expected to be announced before the end of May 2009.