Business Law

The EU Council has amended its 2011 sanctions against Libya, taking measures to prevent "illicit crude oil transactions" and removing two entities from the asset freeze list.
The Libyan Judges Organization (LJO) threatens action against a government decision to cancel a planned pay increase for public-sector legal staff.
Last year's tribunal decision to award $935m (LD1.2bn) in compensation to Kuwait's Kharafi Group from the Libyan government was the second-biggest payout of its type, says a UN body.
A recent economy ministry ruling amends Decision 207 of 2012, easing capital requirements but freezing the set-up of representative offices.
The spokesman of the General National Congress (GNC) says the body has yet to define the terms of legislation that will try to clarify the ownership of property seized by the previous regime.
The Ministry of Justice has published a white paper on Islamic law in Libya, saying it agrees with a General National Congress (GNC) decision which makes sharia the basis of all legislation.
Global accounting and advisory firm KPMG says it will have a full member firm in Tripoli from January.
Heads of Libyan companies working in Malta are reportedly exempt from taxes this year, after a parliamentary decree was passed in February.
The Ministry of Economy has published new executive regulations on health insurance, outlining policies for both public and private companies.
The Central Bank of Libya (CBL) has effectively frozen the assets of three individuals, adding their names to a list originally drawn up under Law 36 of 2012. 
The agency has called on taxpayers to submit returns for the previous three financial years, as the government attempts to raise tax revenues amid falling oil income.
Libya’s Central Bank organised a workshop on how the US Foreign Account Tax Compliance Act (FATCA) could be applied to the Libyan financial sector.
The current draft of the new legislation places extra capital burdens and tighter restrictions on potential foreign investors looking to enter Libya, Tripoli-based lawyers told The Libya Report.
The draft legislation, which has been under discussion for months, includes terms restricting foreign ownership in a Libyan company to 49%.
A new piece of legislation recently approved by the national assembly aims to accelerate the processing of contracts and payments.