Libya

Country Information

Continent Africa
GDP (2012 est.) $76.52 billion (2012 est.)
Currency & Exchange Rate Libyan dinars (LYD) per US dollar 1.26
Dialling Code
+218

Exploration & Production Companies

Arabian Gulf Oil Company, National Oil Corporation.

Oil fields greater than 1 billion barrels

Sarir, Zelten oil.

International Tax Regime

Residential taxation: foreigners taxed on local income; residents taxed on local and overseas income.

Individuals Are Regarded as Tax Residents If

Libyan nationals and foreigners are subject to income tax on income arising in Libya if: they are Libyan, they are in Libya with a work visa; they undertake employment in Libya.

Income Tax Rates

0-12,000 LD 5%; 12,000+ LD 10%

Social Security

Social security contributions are payable monthly on salaries, wages, bonuses and other compensation income. The contribution rates are 11.25% for employers and 3.75% for employees. The state pays a 0.75% portion of the contribution for Libyan companies. Employers withold the employee contributions monthly.

Witholding Tax

Crude oil - production(bbl/day) 1,483,000
Crude oil - exports(bbl/day) 1,378,000
Crude oil - imports(bbl/day) 0
Crude oil - proved reserves(bbl) 48,010,000,000
Refined petroleum products - production(bbl/day) 388,300
Refined petroleum products - consumption(bbl/day) 314,000
Natural gas - production(cu m) 7,855,000,000
Natural gas - proved reserves(cu m) 1,547,000,000,000

Climate

Mediterranean along coast; dry, extreme desert interior.

Location

Northern Africa, bordering the Mediterranean Sea, between Egypt, Tunisia, and Algeria.

CCL Country Manager

Contact Details

Name:

Direct:

Email:

LinkedIn:

Ian Parker

+44 (0) 208 333 4430

ian.parker@cclglobal.com

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