Double Taxation Conventions – New convention between the UK and LibyaMonday, December 8th, 2008
The first ever Double Taxation Convention between the UK and the Great Socialist People’s Libyan Arab Jamahiriya was signed on 17 November in London by the Foreign Office Minister of State and the Libyan Secretary for European Affairs. The Convention next goes to Parliament for approval.
The Convention will enter into force once both countries have completed their legislative procedures. In the United Kingdom the provisions of the Convention will take effect from 1 April (for corporation tax purposes), and from 6 April (for income tax and capital gains tax purposes) in the calendar year following the date of entry into force. In Libya, the provisions will take effect from 1 January in the calendar year following the date of entry into force.
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