The Tax Authority stated in its latest report that non-oil tax revenues, up to September 2023, were LD 2.14 bn. These figures represent a rise of LD 0.56 bn or 35 percent on the LD 1.585 bn – for the same period in 2022.
It will be recalled that Libya is trying to diversify its economy by increasing its non-oil revenues. Achieving this is proving, so far, a challenge.
Total revenues reached LD 96 billion up to October
To put these figures in perspective, it will be recalled that earlier this month, the Central Bank of Libya revealed in its monthly statistical statement that Libya’s total revenues reached 96 billion dinars from the beginning of this year until 31 October, while total spending reached 83.6 billion dinars.
The Central Bank’s statistical bulletin had also revealed that foreign exchange revenues reached US$ 19.7 billion, while foreign exchange spending reached US$ 30.6 billion – leaving a foreign exchange deficit to the end of October of US$ 10.9 billion.