Morocco’s Tax Amnesty Program Yields $520 Million in Undeclared Assets

Since its launch, the operation has made it possible to collect 5.2 billion dirhams from 2,000 taxpayers. "This figure reflects the extent of undeclared assets," reports L’Économiste, noting however that a significant number of taxpayers "are still hesitating, whether due to lack of information or by choice to remain in a gray area. But at what price?"

To simplify the procedures for taxpayers, the tax administration has set up a system for rapid processing of files within 72 hours. If these are liquid assets in banks or held in fiduciary form (banknotes), they must be deposited with an approved banking institution, which will apply a contribution rate of 5% that it must pay to the tax administration within a period of one month.

For movable and immovable property, current account advances or loans granted, a specific declaration by the tax collector is necessary. Here too, a contribution of 5% will be calculated on the acquisition value of the property or on the amounts of the advances and loans. The contribution must be paid at the time of the declaration.

"Beyond December 31, taxpayers who have not regularized their situation will be subject to a thorough examination of their finances, with potentially severe penalties. The penalties, often much higher than the modest cost of the voluntary contribution, could prove to be highly dissuasive," warns the daily