The Libyan Tax Authority stated it achieved record-high revenues of $305 million from income taxes in 2023, a 23% increase from its reported $247 million in 2022.
Citing the Tax Authority’s latest data, Libya’s Ministry of Finance said total revenues topped $600 million last year, up 37% versus the $440 million the agency reported for 2022 – an all-time high.
The Tax Authority claimed 2023 tax deposits into the public treasury were $508 million, a 58% increase over budget estimates of $320 million. By comparison, it reported depositing $440 million in public tax revenue for 2022.