Morocco’s Tax Amnesty Yields Record $12.5 Billion in Undeclared Assets

The 2024 tax amnesty was a great success. This operation resulted in the declaration of a total of 125 billion DH, divided into 77 billion DH from bank declarations, and 48 billion DH from declarations registered with the Directorate General of Taxes (DGI) and made by 8,000 declarants, while the DGI had set a target of 60 billion dirhams as part of the 2024 tax amnesty.

"These results reflect the success of this operation in achieving the expected objectives, both in terms of consolidating the trust between the tax administration and taxpayers, and in terms of improving tax compliance, or in terms of mobilizing significant funds for the financial sector in order to strengthen its financing capacity for the national economy. This, in addition to its contribution to strengthening the Treasury’s resources by more than 6 billion DH," explains the ministry.

The 2024 tax amnesty took place from January 1 to December 31 last year. The operation allowed taxpayers to voluntarily regularize their taxable profits and income that had not been declared before January 1, 2024, by paying a liberating contribution set at 5% of the value of the declared assets and expenses. These are liquid assets deposited in bank accounts, liquid assets held in cash in the form of banknotes, movable or immovable property acquired and not intended for professional use, and current account advances to partners.