Morocco Unveils New Economic Support Measures for Businesses Amid Coronavirus Crisis

Several points were on the agenda, including the review of the first assessment of support measures for companies in difficulty, employees affiliated with the CNSS and heads of households operating in the informal sector, supported by the special fund for the management of the coronavirus, and the taking of additional measures.

The members of the CVE unanimously noted the successful operationalization of the first measures under the impetus of King Mohammed VI. Then, they took additional measures in favor of companies on the fiscal, administrative and corporate governance levels.

On the tax front, it is a question of postponing the deadlines for income tax returns for individuals who wish to do so, from the end of April to June 30, 2020. It was also decided to exempt from income tax any additional allowance paid to employees (affiliated with the CNSS) by their employers, up to a limit of 50% of the average monthly net salary.

On the administrative level, the members of the CVE took note of the easing measures aimed at preventing companies holding public contracts from bearing penalties for delays in execution that are not attributable to them. On the corporate governance front, a draft law is being developed to introduce the necessary flexibility, particularly with regard to the holding of remote meetings of deliberative bodies, especially with regard to the closing of accounts, during this period of health emergency.