Morocco Refunds 10 Billion Dirhams in VAT as Budget Deficit Widens

If the deficit is struggling to reach its best level, the net revenue generated by domestic VAT has, for its part, regressed by 0.9%, due to the refunds borne by the General Budget (6.87 billion), reports matin.ma.

As for non-tax revenues, they are burdened in particular by the decrease in payments from the Treasury’s special accounts to the General Budget (6.5 billion against 31.8 billion a year earlier), but also from the gas pipeline royalty (a little more than one billion against 1.53 billion), the same source specifies.

As for the total amount of VAT refunds on domestic and import (including the share borne by local authorities), it stood at 9.86 billion against 7.35 billion at the end of December 2018.

Moreover, the budget deficit stood at 46.7 billion in 2019, against 40.9 billion in 2018. The same media argues that the government is struggling to reduce this budget deficit, which widened by 5.8 billion DH last year, standing at 46.7 billion DH, according to the provisional situation of the execution of the Finance Act recorded by the General Treasury of the Kingdom (TGR).