Moroccan Tax Deadline Looms: Last Chance to Declare Foreign Assets

Taxpayers have until December 31, the final deadline, to regularize and declare their liquid assets held abroad. After this date, offenders will be subject to severe financial penalties, coupled with increased controls. Many taxpayers have not yet fulfilled these obligations. Taxpayers often tend to act at the last minute, especially after taking advantage of their vacations to gather the necessary documents for their declaration, observes an accountant. This leads the daily L’Économiste to say that the Office of Exchange and the Directorate General of Taxes (DGI) are expecting a large influx of declarations in the last months, or even the last weeks, of the year.

To facilitate these two operations, the tax administration and the Office of Exchange have powerful technological tools and privileged access to information exchange mechanisms. These systems not only allow data to be cross-checked, but also allow the use of sophisticated algorithms to detect any anomalies. As soon as the amnesty expires, targeted and rigorous controls will inevitably be undertaken, relying on a significant information infrastructure, it is specified.