The taxation system in Libya is not particularly transparent or effective, with tax often charged on deemed income rather than from company records. Potential investors should engage a local accountant if investing in Libya, and get full information on the tax implications of their operations. Imports are subject to a 10 per cent customs surcharge of the applicable customs duty.
Tax exemption for approved projects
Austrade works in conjunction with the Australian Taxation Office (ATO) to administer the income tax exemption available under section 23AF of the Income Tax Assessment Act 1936 (Tax Act).
Section 23AF should assist the international competitiveness of Australian companies and governmental organisations competing to win international tenders. Further information on section 23AF is available from tax exemptions for approved overseas projects.