- United Kingdom and Libya have signed Double Taxation Convention to reduce tax compliance burdens for citizens of both countries. Foreign Office Minister of State, Bill Rammell and Libyan Secretary for European Affairs, Abdulatti al-Obidi announced today.
Mr Rammell said Double Taxation Convention will bring benefits to both British business in Libya and Libyan investors in the UK.
Libya, once an African island being slapped with sanction from both United States and many European countries, has recently restored relations with US and its allies, and is reportedly currently negotiating business deals with further partners across globe.
According to both parties, treaty largely follows OECD Model Double Taxation Convention. Important features include, with one exception, complete elimination of source-country, withholding taxes on dividends, interest and royalty payments.
The Convention will enter into force once both countries have completed their legislative procedures. In United Kingdom provisions of the Convention will take effect from 1 April next year, but for Libya, provisions are expected to take effect from 1 January next year.
In recent months major western countries have sent high officials to Libya, from prime ministers of the UK and Spain, to president of France and recent visit of Washington's Condoleezza Rice, trying to secure oil and gas.
Libya, which is yesterday's black sheep. has emerged an ever more important oil and gas producer, in particular on European market.
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