- United Kingdom and Libya have signed Double Taxation Convention to reduce tax compliance burdens for citizens of both countries. Foreign Office Minister of State, Bill Rammell and Libyan Secretary for European Affairs, Abdulatti al-Obidi announced today.
Mr Rammell said Double Taxation Convention will bring benefits to both British business in Libya and Libyan investors in the UK.
Libya, once an African island being slapped with sanction from both United States and many European countries, has recently restored relations with US and its allies, and is reportedly currently negotiating business deals with further partners across globe.
According to both parties, treaty largely follows OECD Model Double Taxation Convention. Important features include, with one exception, complete elimination of source-country, withholding taxes on dividends, interest and royalty payments.
The Convention will enter into force once both countries have completed their legislative procedures. In United Kingdom provisions of the Convention will take effect from 1 April next year, but for Libya, provisions are expected to take effect from 1 January next year.
In recent months major western countries have sent high officials to Libya, from prime ministers of the UK and Spain, to president of France and recent visit of Washington's Condoleezza Rice, trying to secure oil and gas.
Libya, which is yesterday's black sheep. has emerged an ever more important oil and gas producer, in particular on European market.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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