Ahmed Ghattour & Co. operates as an independent PrimeGlobal and GPSA (German Professional Services Alliance) member and is affiliated with Crowe Global, ranked among the top 10 Global Accounting Networks. We take pride in offering diverse specialized services to cater to your unique business requirements:
In Libya, the law mandates that companies must maintain their accounting books and records on a daily basis. However, the reality is that most companies tend to update their books monthly, using daily transaction summaries as the foundation for the monthly entries. Despite this common industry practice of monthly bookkeeping, Libyan law also requires companies to keep a detailed journal ledger for tax inspection purposes. This creates a situation where companies must adhere to the daily record-keeping requirement for the journal ledger, while the main accounting books are typically updated monthly. The discrepancy between the legal obligations and the prevalent business practices suggests a need to enforce the daily record-keeping requirement more strictly or consider revising the regulations to accommodate better the realities faced by companies in Libya. Maintaining the proper journal ledger for tax inspections remains mandatory regardless of the frequency of the primary accounting book updates. In summary, the Libyan legal framework dictates daily bookkeeping. However, the majority of companies adopt a monthly approach while still being required to keep a detailed journal ledger for tax authorities.
Given the ever-evolving nature of the tax landscape, it’s essential to stay informed and seek professional guidance to ensure compliance and optimise tax planning.
In today’s global business environment, clear and precise communication is essential, especially in legal matters. We understand the critical nature of legal documents and the importance of accurate translation.
Given the nature of the issues facing our clients, the rapid changes occurring in our region, and the Libyan economy, establishing this practice has become imperative.