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.

The Ministry of Economy has issued a letter warning international companies to ensure they have appointed a Libyan agent.

An English-language translation of Law No. 20 of 2010, which is still in force, covering the provision of health insurance by public and private employers. Translation kindly provided by Tumi Law Firm.

The agency is set to begin accepting applications for new trademarks from next month onwards.