Tangier Businesses Shun Banks Amid Tax Audit Fears

According to information reported by the website Rue20, this situation would be linked to the fear of a tax audit. Persistent rumors suggest that the authorities could take a close look at the origin of the cash deposits, especially after the implementation of the new rate set at 37%.

This apprehension, although based on inaccurate information, has very real consequences. Cash deposits have dropped considerably, leaving bank employees in an unusual state of inactivity. The site depicts a striking image: deserted counters and employees busy killing time on their phones.

While the State is pleased with the revenue generated by the tax reconciliation, experts are questioning the perverse effects of this measure. Indeed, the majority of small Tangier companies operate in the informal economy and use mainly cash. Fearing a tax adjustment, they could be tempted to keep their money, at the risk of slowing down their growth and plunging the local economy into a liquidity crisis.