Moroccans, don’t forget to pay your taxes

Time is running out for businesses and taxpayers. Taxpayers subject to the monthly declaration regime must carry out the electronic declaration and electronic payment of VAT for the month of February before the end of March, recalls Challenge. As for the Income Tax (IR), no less than 14 declarations must be made before March 31, recall the accountants at CEC. As for the Corporate Tax (IS), 13 declarations must be made before the same date. The procedures for these declarations are defined by Articles 110, 111, 112 and 115 of the General Tax Code (CGI).

Employers and debtors are required to pay the withholding tax on salaries for the month of February before March 31. Same deadline for withholding tax on non-resident compensation. As for taxpayers under the Unified Professional Contribution (CPU) regime, they must submit an annual turnover declaration before April 1, while those who have chosen the quarterly payment of the CPU must make the payment for each quarter before the deadlines of March 31, June 30, September 30 and December 31.

Regarding financial products such as shares, equity shares and sukuk certificates, financial institutions are required to withhold tax on the products paid in February. Taxpayers must file a declaration of income from shares, equity shares and similar income, as well as income from fixed-income investments and income from sukuk certificates before March 31. Not to mention the withholding tax payment, the recovery by way of withholding tax and the declaration of capital gains for income and capital gains from foreign sources.

Failure to meet the deadline will result in penalties and sanctions. "It is crucial for companies to stay informed of the applicable tax obligations and to implement effective internal procedures to ensure rigorous tax management," urges the forum of researchers at the Ministry of Economy and Finance.