UK-Libya Tax convention
A new Double Taxation convention between the UK and Libya which was signed back in November 2008 entered force on 8 March 2010.
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 income tax and ‘Libyan tax’ in Libya.
The convention takes force in the UK from 1 April 2010 for corporation tax purposes and from 6 April 2010 for income tax and capital gains tax purposes and from 1 January 2011 in Libya.