The Ministry of Economy, Finance and Administrative Reform indicated that at the end of December 2020, the Amended Finance Act (LFR) revealed a budget deficit of 82.4 billion dirhams (MMDH) or 7.6% of GDP. This despite a number of uncertainties and in compliance with the State’s commitments under the strategy to support social and economic sectors and post-Covid recovery.
Through a letter addressed to several authorities, the Moroccan Confederation of Food Trades (CMMB) defends the interests of the restaurant sector, which has been severely affected by the health crisis. It wishes that this sector be taken into account in the national economic recovery plan.
The domestic consumption tax (TIC) on alcohol and tobacco generated 1.95 billion DH for the state accounts, despite the health crisis.
As part of the amnesty granted by the State in 2020, the undeclared liquid assets, normalized with the banks, will bring in more than 500 million DH to the Moroccan tax authorities. 60% of these revenues have already been paid in 2020 and the rest will be paid in 2021, according to an official source.
The informal economy has fallen to less than 30% of GDP between 2009 and 2018. This is the result of a study entitled "Measurement and evolution of the informal economy in Morocco", published on the website of Bank Al-Maghrib (BAM) .
The new law on local taxation has been in force in the kingdom since January 1, 2021. It contains many modifications, beneficial to taxpayers.
The expiration deadline for temporary admissions of passenger vehicles imported by non-resident motorists to Morocco has been extended until June 30, 2021. The announcement was made by the Customs and Indirect Taxes Administration through a circular.
The measures provided for in the 2021 Finance Act (LF) for the benefit of the real estate sector were published on Monday. In total, five key points, announced the Moroccan Ministry of National Land Use Planning, Urban Planning, Housing and City Policy.
Home buyers in Morocco will continue to benefit from tax relief for six more months. The registration on the purchase of apartments under 250,000 dirhams and the 50% reduction on properties over 4 million dirhams are affected by these new tax exemptions.
The amnesty on the informal sector has been renewed for one year in Morocco. This measure aimed at integrating certain activities into the organized sector, offers a second chance to operators who evolve outside the norm, to identify themselves without being worried about the past.
The 2021 Finance Bill, adopted on second reading by the first Chamber of the Moroccan Parliament, has completed the legislative process and will come into force upon its publication in the Official Gazette. The main changes made by this anti-crisis budget concern corporate taxes, income taxes, customs duties and others.
The government has decided to exempt from income tax (IR) employees who have regained the jobs they lost during the coronavirus health crisis.