Morocco Unveils New Tax Amnesty Plan for Undeclared Assets in 2020

According to L’économiste, it is an offense to income tax that will result in a 5% levy on liquid assets. The objective of this new contribution is to allow individuals who have accumulated large amounts in cash due to cash payment to avoid being taxed.

Similarly, the contribution allows all those who had withdrawn their assets from the banking system because of the risk of seizure via the ATD to return. These massive withdrawals had caused a sharp rise in cash among customers, including large structures.

With this tax amnesty, liquid assets will be reintroduced into the banking system and the formal economy will be reintegrated by paying 5% of these funds. And it is the banks that will ensure the collection of this tax which will be paid to the tax administration receiver the following month.