Petroleum Taxation in Libya
Article from: OGEL 2 (2005), in Taxation
Summary
The Libyan Authorities have announced their intention to expand the Libyan upstream petroleum industry and have confirmed that overseas capital will be sought in order to assist in this development. In order to optimize such investment, it is necessary that the tax terms contained in the Exploration and Production Sharing Agreements (EPSAs) are drafted in such a way that foreign companies are able to obtain either foreign tax credits (FTCs) in their home countries for income taxes paid in Libya, or tax exemptions in their home countries for Libyan source income. If this is not ...