Exclusive: The Government of National Unity Reorganizes the Export Development Authority, Imposing an Additional 0.75% Fee on Imports of Finished Goods for the Authority

Our source has exclusively obtained the decision of the Council of Ministers of the Government of National Unity regarding the organization of the Export Development Authority.

According to the decision, the Libyan Export Development Authority is to be organized so that it has legal personality and independent financial liability and shall be affiliated with the Council of Ministers, and that the main headquarters of the Authority shall be in the city of Tripoli, and it may have branches or other offices in Libya by a decision of the President of the Authority.

The Authority shall also aim to encourage the establishment of export-oriented industries, diversify sources of national income, increase the volume of non-oil exports, and improve the balance of payments. To achieve this, it shall exercise a number of powers which include proposing, developing, and implementing procedures, programs, policies, and legislations related to export activities; proposing national strategic plans for the development of non-oil exports supported by performance indicators to be submitted to the Prime Minister for approval and follow-up of their implementation; and providing technical, financial, and administrative support and granting advantages and incentives to exporters in accordance with the regulations governing this.

The decision stipulates that the financial resources of the Authority shall consist of allocations granted to it from the general budget, and the additional fee on imports of finished goods at a rate of (0.75%) for the development and promotion of exports, which shall be collected by the Customs Authority and transferred directly to the Libyan Export Development Authority. Periodic reconciliation shall be carried out between the Authority and the Customs Authority regarding the amounts collected from this fee.

The following are excluded from this: goods imported through the Price Stabilization Fund, medicines of all kinds, and medical equipment and supplies imported for hospitals, clinics, public health centers, and homes for people with disabilities; raw materials, operating supplies, spare parts, machinery, and industrial equipment imported for factories and production units; and equipment and devices imported for the benefit of the Ministries of Justice and Defense.

According to the decision as well, the financial resources of the Authority shall consist of the prescribed fees it collects in return for the services it provides, the additional fees allocated to it which shall be determined by a decision of the Council of Ministers, and the unconditional grants and donations it is authorized to obtain.

The Authority shall also have an independent budget prepared in accordance with the provisions of the applicable systems and legislations. The fiscal year of the Authority shall begin with the beginning of the state’s fiscal year and end with its end. The Authority shall have one or more bank accounts in one of the commercial banks operating in Libya in both local and foreign currency, in which all its funds and revenues shall be deposited.