UK-Libya Tax agreement
A new Double Taxation agreement between the UK and Libya was recently signed.
The new Convention follows the model approach set out in the OECD’s Model Double Taxation Convention. The agreement seeks to avoid double taxation in relation to income tax, corporation tax and capital gains tax in the UK and similar taxes in Libya.
The protocol will take force once both countries have finalised the legislative procedures. The provisions will then take effect from the next calendar year.