The price of some imported products could increase by 30 to 40%. The approval by Parliament of the draft Amending Finance Law without amendment of the article relating to the increase in customs duties is the cause.
On July 18, households in the informal sector who have ceased all activity due to the lockdown will be able to start receiving the third installment of the exceptional aid granted to them. The announcement was made on Monday by the Economic Monitoring Committee (CVE).
An important amendment on the reduction of registration fees was adopted in the early hours of last Sunday by the Finance Committee in the House of Representatives as part of the examination of the Amending Finance Act (PLFR 2020). The threshold to benefit from the reduction of registration fees is now raised to 2.5 million DH.
Morocco wants to set up a new component called the "Covid-19 Emergency Plan" within the Innov Invest Fund (FII). It aims to support and support the actors of the startup ecosystem to cope with this crisis.
The Ministry of Finance has published on its website the presentation note of the draft supplementary finance law (PLFR) for the year 2020, which states that "the growth rate is -5%, while the initial finance law had planned 3.7%. According to the note, the projected budget deficit is set at 7.5% of GDP instead of 3.5%".
The most sensitive sectors of the Moroccan economy are experiencing record declines due to the coronavirus epidemic. Foreign direct investment has seen a 15.9% drop by the end of May 2020.
The lockdown imposed on Moroccans has strongly impacted the economic sector. This period of inactivity has notably caused a loss of 6 points of the gross domestic product (GDP), according to the Minister of Economy.
Initially scheduled to end on June 30, the voluntary regularization operation of the taxpayer’s tax situation, launched last January, has been extended until August 31.
After being the subject of several complaints, Global Nexus SA has been doubly sanctioned. In addition to the withdrawal of its accreditation, this company that manages the Green Inno Invest investment fund was fined 1 million DH.
The National Social Security Fund (CNSS) has decided to cancel all late payment increases and penalties this Thursday. This is to support businesses in overcoming the effects of the Covid-19 pandemic. However, this decision is subject to certain conditions.
State-owned companies that have been ailing for several years are about to be liquidated. After the liquidation of SEPYK a few weeks ago, Sonoric, another company in the mining sector, is about to be liquidated.
The crisis related to the coronavirus has already cost Morocco 1 billion DH, the equivalent of an entire year’s budget, according to an assessment by the Minister of Economy, Finance and Administrative Reform.