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Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Global transfer pricing guide
Transfer pricing - Libya
01 Jan 20251 min read
This publication provides a high-level overview of Libya's transfer pricing rules and outlines who to contact for expert guidance in this area.
Contents
Introduction to transfer pricing in Libya
Although Libya does not have formal transfer pricing rules, the tax department has the authority to assess tax on a deemed profit basis under general anti-avoidance provisions where a transaction appears not to be on the arm’s length terms.
For arrangements involving jurisdictions that have a Double Tax Treaty with Libya, the OECD Transfer Pricing Guidelines should be considered, as Libya follows the OECD model.
None yet.
Transfer pricing documentation
No requirements in place yet.
No requirements.
Transactions conducted with related parties that operate in low tax jurisdictions (tax paradise).
Persistent losses in any entity can be a reason of a full tax audit with a risk of potential significant tax adjustment.
Tax deductions for intra-group head office charges and interest rates on intra-group loans are capped by tax regulations.
No penalties.
Advance Pricing Agreements (APAs), dispute avoidance and resolution
There is no APAs in Libya.
Exemptions
Generally, no exemptions from a TP perspective.
Related developments
No specific TP provisions in relation to Covid-19.
Contact us
For further information on transfer pricing in Libya please contact:
Wayne Pisani Partner – Head of Tax, Technology & Compliance | ILD
