Morocco Unveils Tax Amnesty Plan for Offshore Assets, Banks to Play Key Role

The identification of non-resident taxpayers in their portfolio is the first step, reports L’économiste. This will be followed by the transmission of the necessary information to the Directorate General of Taxes (DGI).

In turn, the DGI will share this information with the jurisdictions of the countries that have signed the automatic exchange of information agreement.

The exchange of information focuses on the identity of the account holders or, where applicable, their beneficial owners, income from movable capital, account balances, the value of life insurance and capitalization contract redemptions or similar investments, the proceeds of the disposal or redemption of financial assets, the same source specifies.

Banks and similar institutions that fail to fulfill their obligations will be liable to a fine of 2,000 dirhams per account. Clients, on the other hand, will pay a fine of 1,500 dirhams, in the absence of a self-certification allowing to establish their tax residence.

The tax amnesty, recorded in the 2020 Finance Bill (PLF), will be implemented as early as next year. After that of 2014, this second wave offers a last chance to the clients concerned.