The reform of payment deadlines introduced a fine collected by the tax authorities in the event of non-payment. Stopping the haemorrhage, the law does not take into account the stock of invoices issued before July 1, 2023, which remained unpaid.
At the end of 2022, payment terms improved slightly, with a gradual reduction up to 194 days, marking an anticipation of companies to comply with the new law 69-21. Coming into force on July 1, 2023 for companies with a turnover of more than 50 million DH excluding tax, this law responds to the lengthening of inter-company payment deadlines, which contributes to the mortality of many structures.
Same story with regard to customer lead times for VSEs, which experienced a slight improvement while remaining at very high levels, falling by 7 days to 217 days in 2022. The peak reached in 2020, during the Covid-19 period , was reduced by more than 17 days. At the same time, supplier deadlines for VSEs only decreased by 2 days in 2022. “Given their collection difficulties, it is difficult for VSEs to pass on a greater reduction in supplier deadlines,” comments the report. ‘Inforisk.
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“Moroccan SMEs, who saw their supplier lead times drop by 8 days between 2021 and 2022 to reach 94 days compared to 102 days a year previously,” tells us Amine Diouri, studies & communications director at Inforisk. However, beyond this lull in the hemorrhage, another problem arises. The law against bad payers does not take into account the stock of invoices issued before July 1, 2023 which, according to the latest figures from Inforisk, is 337 billion DH. “Law 69-21 only concerns invoices of more than 10,000 DH issued since July 1, 2023. What about the stock of 337 billion DH?” explains Diouri. And to specify: “These invoices do not have priority in the order of payment of invoices, due to the fact that their late payment does not generate any financial penalty. Today, the law itself cannot resolve the issue of payment deadlines.”
“It’s an economic problem, not a legal one!”
“The law is a tool that manages flows. It intervened to stop the hemorrhage. In its spirit, it does not have a provision of anteriority. And it must be said that the problem of the stock of unpaid debts is an economic problem,” economist Mehdi Fakkir tells us. Highly anticipated, the law was seen as this oxygen balloon that would solve a good part of the problem of payment delays. For the economist, it is a “real problem that could require another specific law for this stock of 337 billion dirhams.”
“It is necessary to clarify the treatment of debts prior to the date of entry into force of the new law. As things currently stand, the text does not specify what the consequences are in the event of non-payment of these unpaid debts,” specifies the economist.
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Furthermore, according to Inforisk, even if thanks to the new law some sectors have seen an improvement, others have experienced a deterioration. For example, in wholesale trade, an increase of 3 days is noted, while in real estate, an increase of 5 days is observed, against a reduction of 6 days in transport. “The issue of payment terms is not only the law, companies also need an optimized invoicing process. There is also the issue of data which is positioned as an appropriate solution. Before working with a future client, the company must find out about its financial health, its managers. It is having information on the payment behavior of its future customers,” warns Diouri.
