Two Courts rule to suspend controversial 27 percent tax on the sale of foreign currency
Two courts ruled over the last 24 hours to suspend the controversial 27 percent tax on the sale of foreign currency demanded by the Central Bank of Libya and decreed by Speaker of the House of Representatives, Ageela Saleh.
The South Tripoli Court of Appeal issued a ruling yesterday accepting the appeal submitted by the Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, against the decision of the Speaker of the House of Representatives, Ageela Saleh, to impose a 27 percent tax on the sale of foreign currency.
The court ruled to temporarily suspend the implementation of the decision to impose the tax until the matter is decided.
Misrata Court of Appeal for the First Circuit
Today. Misrata Chamber of Commerce reported that the Misrata Court of Appeal for the First Circuit ruled in Appeal No. (2024/52) to stop the implementation of the decision of the Speaker of the Libyan House of Representatives, No. (2024/15) regarding the imposition of a tax on foreign exchange sales at a rate of 27%, where the wording of the ruling was as follows:
First: Accepting the appeal in form
Secondly, in the urgent aspect, the implementation of the contested decision shall be temporarily suspended until the matter is decided.
The appeal was submitted by Fathi Al-Amin Al-Turki on his own behalf and in his capacity as the legal representative of the Misrata Chamber of Commerce, Industry and Agriculture, and a group of companies affiliated with the Misrata Chamber.
As predicted by Libya Herald!
It will be recalled that Libya Herald predicted in the article of 16 March that ‘‘Notwithstanding all the above, it is likely that if El-Kaber does implement the new foreign exchange tax ‘‘decreed’’ personally by Saleh, it will be challenged in court.’’
