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Morocco to Receive Foreign Bank Account Data in Tax Crackdown
Tuesday 3 December 2019, by
The General Directorate of Taxes (DGI) intends to put an end to tax havens. In this sense, it will receive details of accounts abroad as of September 1, 2021 due to the expansion of the liberating contribution on money to bank deposits.
"If you have a bank account or investments in a foreign country that has signed the automatic exchange of banking data agreement, know that as of September 1, 2021, the DGI will receive, without requesting it, a report on your assets. Companies and their beneficial owners are also concerned," specifies L’Economiste.
To this end, custodian banks and insurance companies are called upon to identify non-resident account holders and beneficiaries: name, first name, passport number and contact details of the holder, account number and balance, interest received, proceeds from the sale of securities, etc. As a result, the information will be accessible.
The novelty? Other OECD member countries will spontaneously communicate the information to the Moroccan tax authorities.