Tripoli: Libya and Italy have successfully completed the ratification procedures for the double taxation avoidance agreement, following the signing of a memorandum of understanding in Tripoli. The agreement, initially signed in June 2009 in Rome, aims to prevent the double taxation of income and enhance economic cooperation between the two nations.
According to Libyan News Agency, the memorandum was signed by Zuhair Abdul Salam Al-Azabi, Director of the Department of International Law and Treaties, representing Libya, and Gianluca Alberini, the Italian Ambassador to Libya, representing Italy. This step is part of Libya’s efforts to solidify its international agreements and ensure their legal implementation.
The Ministry of Foreign Affairs and International Cooperation emphasized that this agreement would improve the investment climate in both countries. It is expected to offer greater transparency and fairness for investors, bolster trade exchange, and streamline the flow of investments. This development is anticipated to significantly contribute to strengthening economic ties between Libya and Italy.
The signing ceremony witnessed the presence of several key officials, including the Director of the European Affairs Department, the Head of the Italy Affairs Section, the official handling the Italy file at the Ministry of Foreign Affairs and International Cooperation, the Head of the Libyan-European Cooperation Section at the Department of International Cooperation, and the Deputy Head of the Tax Authority. These representatives underscored the importance of the agreement in fostering Libyan-Italian cooperation.