Morocco Aims to Exit EU’s Financial Gray List as Tax Reforms Progress

The most anticipated text is undoubtedly the draft law relating to CFC (Casablanca Finance City). The European Commissioner for the Economy, Paolo Gentiloni, had specified that "if Morocco is not yet out of the gray list, the reason is simply that the European Commission is waiting for the finalization of the OECD’s evaluation of the tax regime of Casablanca Finance City".

In this sense, he explained that "when the EU and the OECD are evaluating the same measures in parallel, the European Commission always waits for the conclusion of the OECD’s procedure before formalizing its decision", noting that "if the OECD concludes its procedure as planned, it is very likely that the European Union will definitively remove Morocco from the gray list during its next update in October".

The project has built its attractiveness in part on the tax advantages granted to companies that decide to set up there. However, it is difficult to affirm at this stage that the other advantages such as luxury concierge services or the VTC (chauffeur-driven vehicle) service are sufficient to strengthen the attractiveness of a gigantic economic and financial project like CFC.