Libya's Presidential Council and Government of National Accord (PC/GNA) have issued a decree imposing a new unified customs duty of 100 per cent on almost all imports transacted on letter of credit (L/C) terms.

Imports of wheat as well as foodstuffs and essential commodities purchased by the state are exempt from the new duty.

Payments and collections

Duty will be payable in advance either on opening an L/C or upon payment of cash-against documents.

The decree empowers the Central Bank of Libya and the ministry of finance to organise collection procedures for the new tariff.

Anticipated news

The decree has not been officially released by the PC/GNA, but has been leaked onto social media. Sources at the ministry of finance have however confirmed the validity of the decree to local media.

A new customs duty has been widely expected, with some analysts anticipating the tariff would be 120 per cent as opposed to just the 100 per cent announced.

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