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Morocco’s Central Bank Chief Urges Tax Amnesty for Undeclared Foreign Assets
Friday 20 December 2019, by
Abdellatif Jouahri, Governor of Bank Al-Maghrib (BAM), during a press conference, called on Moroccans holding undeclared assets or property abroad to regularize their situation.
Pay the tax amnesty without incurring penalties. This is the call that Abdellatif Jouahri has made to Moroccans who, until now, have not regularized their situation. According to him, this is the last chance offered to them.
The Governor of BAM recalled that the implementation of the tax amnesty on assets held abroad, recorded in the 2020 Finance Bill (PLF), is in line with an agreement that Morocco has signed with the Organization for Economic Cooperation and Development (OECD) on the automatic exchange of information.
This agreement, he specified, should allow Moroccan authorities to automatically access all information concerning the property of their citizens abroad. According to Abdellatif Jouahri, the Foreign Exchange Office is working on implementing facilitation measures for the persons concerned residing in Morocco. "The essential thing is to promote transparency for the future," concluded the Governor of BAM.