Libya's House of Representatives decreases tax on dollar purchase from 27% to 20%

Libya’s House of Representatives (HoR) decided on Sunday to reduce the value of the tax imposed on the official exchange rate of foreign currencies to become 20% for all purposes instead of 27%, amending its decision issued in mid-March to impose a tax on the official exchange rate of foreign currencies at 27% for all purposes until the end of 2024. The decision stipulated that the revenue generated from the tax would be used to cover "development project expenses if necessary," or to add it to "the resources allocated to the Central Bank of Libya to pay off the public debt under House of Representatives Law No. 30 of 2023, taking into account the exceptions granted by the Speaker of the House of Representatives."