Morocco’s Tax Amnesty Yields Over 500 Million Dirhams from Undeclared Assets

The pardon took into account natural persons who had income from the exercise of an undeclared professional activity before January 1, 2020. Thus, the State has given this category of persons the possibility to regularize their situation with the tax authorities, by declaring their hidden assets, in exchange for the payment of a 5% liberating contribution. The operation resulted in more than 10 billion declared assets for a tax revenue of more than 500 million dirhams, reports Médias24.

Furthermore, due to the health crisis and the particular situation of certain taxpayers, the DGI has facilitated the task for some of them, by authorizing them to postpone the payment of the liberating contribution to 2021. But, 60% of the revenues have already been paid in 2020. Moreover, the amnesty on undeclared cash did not only concern liquid assets, but also any movable or immovable property acquired with funds hidden from the tax authorities, not to mention cash deposited in current accounts of partners or granted to third parties in the form of loans.

It should be noted that the persons who have responded to this call from the State and paid the liberating contribution will now be exempt from any tax audit on income tax for the years 2020 and subsequent years, for all personal expenses made from these assets declared to the tax authorities.