Morocco to Introduce 1% Insurance Tax for Natural Disaster Fund
The Council of Government is about to endorse an old provision relating to a parafiscal tax, in order to increase the coffers of the Fund against Catastrophic Events. Natural disasters, in particular torrential rains, are becoming regular in the Kingdom.
More solidarity to better cope with natural disasters. This is the pious wish of the Council of Government, which intends to make effective the collection of a parafiscal tax on natural disasters.
The amount of this tax is set at 1% of the amount of premiums and contributions of insurance contracts, with life insurance contracts being exempt. The application of this new levy will obviously lead to an increase in the price of insurance.
Natural disasters, in particular devastating torrential rains, have become the daily lot of Moroccans in recent days, hence the importance of this parafiscal tax, it is said.
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