Morocco Offers Tax Amnesty: Deadline Set for December 31, 2024

Concerned by this regularization are natural persons in respect of their taxable profits and income in Morocco, which have not been declared before January 1, 2024, and constitute the source of assets and financing of expenses such as liquid assets deposited in bank accounts, liquid assets held in cash in the form of banknotes, acquisitions of movable or immovable property not intended for professional use and the subscription of advances in current accounts of associates or in the account of the operator and loans granted to third parties, specifies the DGI in a press release.

The DGI invites the taxpayers concerned to deposit, before the end of December, the liquid assets as well as the related declaration with an approved credit institution as a bank. It also asks them to file a declaration with the tax administration and to pay the contribution in respect of movable or immovable property, or in respect of advances in current accounts of associates, in the account of the operator, as well as the loans granted to third parties.

The amount of the declared assets and expenses that have been subject to the payment of the contribution, the rate of which is set at 5% of the value of these assets and expenses, will not be taken into account for the rectification of the taxable bases during the tax audit of the taxpayer concerned nor for the assessment of the annual global income in the framework of the procedure for examining the overall tax situation of natural persons, referred to in Article 216 of the General Tax Code.

When the contribution is paid at the bank level, the latter does not transmit to the DGI any information allowing the identification of the declarant in order to safeguard his anonymity, the same source specifies.