Morocco Extends Deadline for Voluntary Disclosure of Foreign Assets to December 31

The details of this decision are reported in a circular from the Office of Foreign Exchange. According to this note, "The maximum deadline set for the filing and payment of the liberating contribution relating to said regularization by the persons concerned is postponed to December 31, 2020 instead of October 31, originally planned. It should be noted that the rest of the aforementioned article (Article 8 of Finance Act No. 70-19 for the 2020 fiscal year) has remained unchanged."

Furthermore, banks have been instructed to proceed with the repatriation of the liquid assets declared no later than January 31, 2021. As for the accounts held abroad and not intended for the management of real estate or financial assets, declared as part of this operation, they must be closed, adds the same source.

These new deadlines modify Articles 5 and 6 of the circular of the Office of Foreign Exchange dated December 25 last year, the circular specifies.