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By Sami Zaptia.
London, 3 February 2020:
Libya’s Tripoli-based Ministry of Finance reported yesterday that the contribution of tax receipts to the state budget had increased markedly since 2011. The Ministry blamed this fall on Libya’s poor economic and security situation during this period.
It reported that it had paid increased attention to the Tax Department in 2019 in an effort to reverse this trend. To this end, it reported that tax receipts had increased from a low of LD 537 million in 2011 to LD 1.58 bn in 2019 – a rise of 86 percent on 2012 the Ministry said.
It will be recalled that in its monthly bulletin, the Tripoli-based Central Bank of Libya reported in January that tax revenues, customs duties, state telecoms entities, CBL profits and other state duties – were all down on budget estimates. Oil revenues contributed 93 percent of the state budget.
Libya’s oil revenues up LD 4.14 bn to end November, total spending down
