Morocco Unveils Tax Amnesty Plan for Overseas Assets Ahead of OECD Data Exchange

10 November 2019 – bySylvanus · 1 min read

The implementation of the tax amnesty on assets held abroad, included in the 2020 Finance Bill (PLF), will be a reality as early as 2020. Far from being a "fraudulent routine", this liberating contribution is in line with a convention signed by Morocco.

In June, Morocco signed a convention that requires it to automatically exchange tax data with the member countries of the Organization for Economic Cooperation and Development (OECD). And January 2020 will mark its entry into force.

The second tax amnesty concerns taxpayers who may have repatriated cash abroad without complying with the foreign exchange regulations, between 2015 and 2019, reports Le360.

"Attention, it’s serious. The system has taken time to be put in place. The meshes are tightening. The data is available and will be automatically transmitted. All arrangements are known in detail. Let’s get fully compliant," said Moulay Hafid Elalamy, Minister of Industry and Trade, during a meeting on the 2020 PLF on Friday, November 8th in Casablanca.

In total, 27.8 billion dirhams (3 billion dollars), or 8.5 billion dirhams in cash, 9.5 billion dirhams in real estate and 9.8 billion dirhams in shares and securities, had been repatriated during the implementation of the first tax amnesty in 2014.

Category: Economy

Keywords:

Casablanca OECD Convention Moulay Hafid Elalamy Ministry of Industry Trade and New Technologies Finance Bill (2025 Morocco) Tax amnesty