Libya

(Draft Bill)

LD3500 monthly Universal Basic Income per citizen under a LD35,000 yearly income

Universal Basic Income is based on the previous or projected 12 months

Universal Basic Income for under age 16 is paid to legal guardians

Universal Basic Income is non-refundable and non-taxable

LD25 an hour minimum wage (including gig work)

20% consolidated flat tax over LD12,000 a year (with double taxation)

20% corporate tax on profits

20% value added tax tax on each stage of sale (paid quarterly)

20% value added tax on imports

VAT tax registration over LD12,000 a year

Sole trader registration over LD12,000 a year

Recreational drugs are decriminalized

Estimated Revenue: LD250 billion a year (LD10 billion surplus a year)