Morocco Tightens Anti-Money Laundering Laws, Mandates Border Declarations

These funds include cash amounts and those available on bank cards and any other means of payment, says Aujourd’hui le Maroc, adding that according to the Ministry of Economy and Finance, this new provision will have no impact on foreign investments.

To read: Morocco Bolsters Anti-Money Laundering Laws to Meet FATF Standards

A series of other amendments were also adopted on Tuesday by the Finance, Planning and Economic Development Committee of the House of Representatives. They concern the application of a uniform import duty rate of 2.5% for raw materials used in the treatment of diabetes, the exemption of basic phones and 32-inch televisions from the ecological Domestic Consumption Tax (TIC), the reduction to 10% of the tax on the transport of people and goods, the exemption from VAT without the right to deduction on scrap metals and on the interest on loans granted by credit institutions to students in public or private education.

To read: Morocco Bolsters Anti-Money Laundering Efforts with New Financial Intelligence Agency

Henceforth, companies operating in the industrial acceleration zones and companies providing services benefiting from the special tax regime of the Casablanca Finance City, will, as far as they are concerned, have to pay the social solidarity contribution on their profits.