Misrata and Benghazi’s Courts of Appeal suspend tax on foreign currency exchange

The Administrative Chambers of the Misrata and Benghazi Courts of Appeal announced the acceptance of the appeal submitted against the decision of the Speaker of the House of Representatives and Governor of the Central Bank of Libya of imposing a tax on foreign currency exchange transactions.

The two courts decided to accept the appeal in form, and temporarily suspended the implementation of the contested decision until further notice. This action came after the Administrative Chamber of the South Tripoli Court of Appeal had issued the same ruling.

The Speaker of the House of Representatives, Aqila Saleh, issued a decision – based on Central Bank Governor’s recommendation – to impose a tax on the official exchange rate of foreign currencies of 27% for all purposes, with the possibility of reducing the tax during the period of validity of the decision from the date of its issuance until the end of 2024.


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