Morocco’s Tax Data Exchange Sparks Concern Among Expatriates

The announcement of the entry into force of the obligation to declare bank accounts held in Morocco in the tax returns filed in their country of residence is causing great concern, reports the newspaper Les Inspirations Eco. According to some MREs, their banks have sent them letters regarding the communication of possible undeclared bank accounts. This confirms their fears.

"By ratifying these laws, the transfers of our MREs will decrease and this will impact the Moroccan economy," explained an analyst. "I have stopped all my transfers and I have emptied my accounts in Morocco by repatriating my convertible accounts. We are a political bargaining chip for problems we don’t know," a MRE also confided. According to the analyst, political and economic decision-makers are following the recommendations of the OECD and the World Bank without assessing the risks of paralysis of the Moroccan economy and society in the long term.

Faced with the persistent fears of the MREs, the banking sector, the Ministry of Finance and other stakeholders in the file related to the automatic exchange of tax data with the OECD member countries are working to find them a solution. They have already held several meetings, promising quick answers to this problem.