Morocco Launches Tax Amnesty Program for Undeclared Foreign Assets

Instituted by Article 8 of Finance Act No. 55.23 for the 2024 fiscal year, the Voluntary Regularization Operation (VRO) will run from January 1 to December 31, 2024, the Office of Foreign Exchange specifies in a press release. According to its explanations, persons holding assets abroad can make their declaration under cover of anonymity with the bank of their choice, according to a pre-established model by the Office of Foreign Exchange including the list and nature of the assets to be declared. The rate of the liberating contribution is set by the provisions of said Finance Act, the Office specifies.

To facilitate this operation, the Office of Foreign Exchange dedicates a section to the 2024 VRO on its website (www.oc.gov.ma). The persons concerned can consult it to be aware of all the regulatory provisions and have access to a practical guide to facilitate the understanding of the system. In addition, this section allows users to interact with a team dedicated to this operation, anonymously without any obligation to reveal their identity, adds the same source.