Morocco Launches 2020 Amnesty Program for Undeclared Foreign Assets

This operation comes in application of Article 8 of the Finance Act No. 70-19 for the 2020 fiscal year, specifies Medias24. It will take place from January 1 to October 31, 2020. Concerned by this operation are natural or legal persons having a tax residence, a registered office or a tax domicile in Morocco, and having constituted before September 30, 2019, assets and liquidity abroad, in violation of the foreign exchange regulations.

As for persons holding assets abroad, a press release from the Office specifies that they can make their declaration anonymously with the bank of their choice, according to a pre-established model by the Office des changes, including the list and nature of the declared assets. The same source specifies that the institution has set the rate of the liberating contribution taking into account the acquisition value of real estate assets held abroad (10%), the subscription or acquisition value of financial assets and securities and other equity or debt securities held abroad (10%), the amount of foreign currency assets repatriated to Morocco and deposited in foreign currency or convertible dirham accounts (5%) and foreign currency liquidity repatriated to Morocco and sold on the foreign exchange market against the dirham (2%).

On its website, the Office des changes has a section popularizing this operation. Thus, the Internet user can use the regulatory provisions, a guide, including the video, allowing to interact with a cell of the Office des changes dedicated to this operation.