Morocco Launches Audit of Airbnb Transactions to Combat Tax Evasion

The Office wants to shed light on the very lucrative business of real estate rentals via Airbnb. Financial transfers between tourists and owners of real estate and hotel companies via this platform exceed 100,000 dirhams per month. An amount that is not subject to tax, generating considerable losses for the Moroccan state, comments H24Info.

Henceforth, this activity is framed by the competent authorities in order to put an end to this tax evasion. In this perspective, the Office of Foreign Exchange carries out regular controls on natural or legal persons, subject to the foreign exchange regulations. "These controls can be carried out either on documents, by exploiting the reports and bank statements, or on site, by conducting investigations with the operators and banks that have executed the transfers," it is explained.

The audit carried out revealed that the fund transfers are made through international bank accounts, PayPal, bank cards and money transfer institutions, an activity considered as an export of services and regulated by the Office. "Operators carrying out export of services operations [...] are required to repatriate the full amount of their export earnings within 90 days from the date of the provision of services."

These operators can open foreign currency or convertible dirham accounts if they are registered in the Commercial Register. "These foreign currency accounts not only allow the management of export earnings but also the financing of professional expenses in foreign currency up to 70% of the repatriated revenues," it is detailed. For its part, the Office renews its commitment to contribute to the improvement of the business climate with the implementation of "foreign exchange regulations adapted to the requirements of the business world".