MRE Tax Data Safe: Morocco Clarifies Fiscal Exchange Bill

Fouzi Lekjaa wants to put an end to the concerns of Moroccans worldwide. The minister delegate in charge of the Budget affirmed, Monday, before the House of Advisors, that bill 076.19 does not concern the tax data of MREs.

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The text approves the multilateral agreement between competent authorities on the exchange of country-by-country declarations, signed by Morocco on June 25, 2019. But according to Fouzi Lekjaa, its provisions do not affect "in any way" the tax data of the Moroccan diaspora.

The minister also clarified that medium-sized Moroccan companies are not concerned. The mechanism targets only multinationals whose annual turnover exceeds 750 million euros.

Multinationals in the spotlight

The objective of the text is to enable the tax administrations of signatory countries to exchange information on the global distribution of profits, taxes paid, and the activity of large multinational groups. This mechanism corresponds to the country-by-country reporting principle presented by the OECD.

Fouzi Lekjaa insisted on one point: Morocco’s international positioning will not be done at the expense of citizens, particularly Moroccan residents abroad. He assured that the kingdom will not sign any agreement that would harm the interests of its diaspora.

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The minister finally indicated that discussions on the three remaining conventions will be based on these same principles. For Rabat, the agreement submitted to the vote is based on sovereign choices and the constitutional constants of the kingdom.