As part of the OECD’s international tax conventions, all Moroccans residing abroad are required to include their bank accounts held in Morocco in their tax returns. This decision will come into effect in 2021 and will be followed by heavy penalties in case of non-compliance.
The Office Chérifien des Phosphates (OCP) lost its battle against its local competitor, Mosaic, which had initiated, under the Trump administration, a procedure for the imposition of customs duties on fertilizer imports from Morocco. This is now confirmed under the Biden administration.
Listed in the FATF gray list, Morocco must reorganize its system. The informal sector, crowned by underreporting, lack of invoices, smuggling, must be reduced as soon as possible.
In addition to Morocco’s exit from the EU’s gray list and its monitoring to exit the FATF gray list, another essential norm for the Moroccan economy is at stake. This is the country-by-country reporting known internationally as Base Erosion and Profit Shifting (BEPS), introduced by the 2020 Finance Act, for fiscal years open from January 2021.
The General Treasury of the Kingdom (TGR) has decided to encourage taxpayers to pay tax and duty arrears and other debts owed to the State and local authorities, issued before January 1, 2020 and unpaid as of December 31, 2020.
The House of Councillors has just voted a law to reduce the tax fines on checks from 20% to 1.5% of the check amount. Only people affected by the health crisis are concerned by this measure.
In accordance with the provisions of Finance Law No. 65-20 for the 2021 fiscal year, income tax is now withheld from the monthly salaries of professional players and national team coaches, announced the Royal Moroccan Football Federation (FRMF) to those concerned.
Despite the health crisis, tobacco consumption in Morocco has not decreased. In 2020, 759 million packs of cigarettes were sold, an increase of 4.5% compared to the previous year.
Every year, anyone building their personal home must declare the construction cost before the end of February. This procedure concerns construction sites opened from January 1, 2019.
The Directorate General of Taxes (DGI) is rushing to the aid of the tourism sector, one of the most affected by the coronavirus crisis and a major provider of foreign exchange and jobs.
The General Directorate of Taxes (DGI) is in open struggle against fake invoices. To better track down counterfeiters, it can now do without the Anti-Tax Fraud Commission and directly seize the public prosecutor, who will in turn seize the investigating judge with the tax administration’s complaint.
The Ministry of Economy, Finance and Administrative Reform indicated that at the end of December 2020, the Amended Finance Act (LFR) revealed a budget deficit of 82.4 billion dirhams (MMDH) or 7.6% of GDP. This despite a number of uncertainties and in compliance with the State’s commitments under the strategy to support social and economic sectors and post-Covid recovery.