Libya Home Middle East Libya Tax Pages Rental Income Tax Libya More LY × Libya Financial Overview Overview Income Tax et al Tax Example Taxes if Resident Buying Guide Property Inheritance Country Statistics Property Investments Key Contacts Accountants Lawyers Real Estate Agents Income tax on rent, worked example, in Libya July 20, 2017 Nonresident Couple: Non-resident couple´s joint rental income1 Monthly Rental Income 2 1,500 6,000 12,000 Annual Rental Income 18,000 72,000 144,000 Less Expenses3 25% 4,500 18,000 36,000 = Taxable Income 13,500 54,000 108,000 Income Tax4 flat rate 15% 2,025 8,100 16,200 Annual Income Tax Due 2,025 8,100 16,200 Tax Due as % of Gross Income 11.25% 11.25% 11.25% Source: Riad A. Mansour (Certified Public Accountant) Notes 1 The property is jointly owned by husband and wife. 2 Exchange rate used: 1.00 US$ = 1.40 LYD 3 Estimated values. Income-generating expenses are deductible when calculating taxable income. 4 Rental income earned by nonresident individuals is taxed at a flat rate of 15%. Comments Be the first to comment on this article! Login or Register to submit a comment! In order to promote open and spam-free conversations, Global Property Guide moderates commetns on all articles. You can expect that your comment will be published within 24 hours.