United Kingdom - Libya Tax Treaty

The 2008 tax treaty between United Kingdom and Libya entered into force on 8 March 2010 and will apply in the U.K. for income tax and capital gains as from 6 April 2011 and for corporation tax as from 1 April 2011 (with general application in Libya as from 1 January 2011). Once in effect, the treaty will provide for a 0% withholding tax on dividends paid to a pension scheme, and 15% in all other cases. Interest and royalties will be exempt.