|
|
 |
|
|
|
You are here |
LAWS AND REGULATIONS | | |
|
|
| This law aims at promotion of investment of foreign capital for construction of investment projects within the framework of the general policy of the State and the objectives of economic and social development, particularly as follows:
 Transfer of modern technology
To build up Libyan technical cadres
Diversification of income sources
Contribution to development of national products to assist in entry thereof into the international markets
To achieve regional development
| | |
| | | LAW NO.5 & EXCUTIVE
Law No. (5) of 1426 PB (1997) for Promotion of Investment of Foreign Capital, as Amended by Law No. (7) of 1371 PD (2003) The General People’s Congress In compliance with decisions of the Basic People’s Congresses in their 2nd ordinary session for 1425 PB 1995, as formulated by the General Meeting of Basic People’s Congresses and Committees, Syndicates, and Trade Unions and Associations (General People’s Congress) in its ordinary session held during the period from (25 – 30) Shawal 1426 PB, corresponding to (4-9) March 1997, ....more
| | |
| | | The project is required to achieve all or part of the following:
To produce commodities for export or contribute to increasing exports thereof or resulting in ending imports of commodities wholly or partly.
To provide opportunities for employment of Libyan manpower and to train them for gaining technical skills and experiences. The executive regulation shall specify the terms and conditions for employment of national manpower.
To use modern technology or trade mark or technical experience.
To provide service for the national economy or contribute to improvement or development thereof.
To lead to strengthening the ties and integration between existent economic activities and projects or reduction of production costs or contribute to providing materials and operation necessities thereof.
To utilize or assist in utilising local raw materials.
To contribute to development of remote economically underdeveloped areas.
| | |
| | | Investment shall be allowed in the following fields:
Industry
Health
Tourism
Services
Agriculture
Any other field specified by a decision of the General People’s Committee upon submission of the Secretary.
| | |
| | | The projects established within the framework of this Law shall enjoy the following privileges:
Exemption of Machinery, Equipment and tools necessary for executing the project from all customs duties and taxes and taxes of similar effect.
Exemption of Equipment, Spare Parts and Raw Materials necessary for operation of the project from all customs duties and taxs imposed on import and other taxes of the same impact for a period of five years.
Exemption of the project from income tax on its activity for a period of five years as from the date of starting production or work as per nature of the project. This period may be extended to an additional period of three years by decision of General People’s Committee upon submission of the Secretary. The profits resulting from the project activity shall also enjoy such exemptions if reinvested.
Exemption of goods orientated to export from production tax as well as from tax and fees imposed on export when exported.
Exemption of the project from stamp duty tax imposed on Commercial documents and documents used thereby. Exemptions mentioned in paras (a, b, d) hereof shall not include the fees imposed against services such as port, storage and handling fees.
To download the Law No 5 & Executive please click here 
| | |
| | | | |
|
 |
|
|