Morocco Adjusts Late Payment Penalties, Lowers Interest Rate
The Directorate General of Taxes (DGI) of Morocco has announced a modification of the penalties for late payment of invoices. And it’s rather good news.
Since December 1, 2024, any unpaid invoice within the deadlines will be subject to a fine calculated on the basis of the new key rate of Bank Al-Maghrib, i.e. 2.5%.
This measure follows law no. 69.21 on payment terms, which provides for financial penalties in case of non-compliance with deadlines. Concretely, the interest rate applied will correspond to the key rate of Bank Al-Maghrib in force at the end of the first month of delay.
This rate, which was previously 2.75%, has been reduced to 2.5% by Bank Al-Maghrib. For the following months, an increase of 0.85% per month or fraction of an additional month will be applied.
This announcement comes in a context of a drop in the key rate. Bank Al-Maghrib indeed decided, last Tuesday, to lower it by 25 basis points, thus setting it at 2.5% as of December 19, 2024.
