Tax revenue reached 243.75 billion dirhams (billion dirhams) at the end of October 2024, up 12.5% compared to the same period a year earlier, according to the Ministry of Economy and Finance.
These revenues showed an achievement rate of 90% compared to the forecasts of the finance law (LF), with a sustained increase of 27.1 billion dirhams (+12.5%), specifies the ministry in its recent document on the situation Treasury Expenses and Resources (SCRT).
Reimbursements, tax reliefs and restitutions, including the share borne by local authorities, amounted to MAD 19.6 billion compared to MAD 13.6 billion at the end of October 2023, indicates the same source.
By nature of tax, the main developments which characterized the behavior of tax revenues reveal that corporate tax (IS) recorded an achievement rate of 95.4% and increased by 6.5 billion dirhams.
This development is mainly attributable to the improvement in revenue for the first three installments (+3 billion dirhams) and the regularization supplement (+2.3 billion dirhams), as well as the corporate tax withheld at source on investment products. fixed income and on remuneration allocated to third parties (+0.9 billion dirhams).
As for income tax revenue (IR), they reached an achievement rate of 91.6% and showed an increase of 5.9 billion dirhams, essentially reflecting an improvement in revenue generated by IR on salaries (+2 billion dirhams) and on property profits (+0.5 billion dirhams), as well as the IR withheld at source on fixed income investment products and on profits from the sale of transferable securities (+ 0.7 billion dirhams).
Revenue from value added tax (VAT) increased by MAD 8.1 billion, with an achievement rate of 84%. These revenues benefited from the increase in import VAT (+12.1%), as well as domestic VAT (+13.2%), reflecting both the recovery in consumption and the impact of the measures introduced by the FL 2024
In addition, the ministry underlines that revenue from internal consumption taxes (TIC) recorded an achievement rate of 91.3% and growth of 3.1 billion dirhams, attributable to an improvement in ICT on energy products (+12 .6%), on tobacco (+7.3%) and on other products (+26.6%).
Regarding customs duties, their revenue reached an achievement rate of 96.4% and increased by 2 billion dirhams, while revenue from registration and stamp duties increased by 1 billion dirhams, with a rate of achievement of 91%, reflecting the increase in registration fees (+700 MDH), the tax on insurance contracts (+147 MDH) and stamp duties (+127 MDH).
The SCRT is the statistical document which presents, on behalf of the Ministry of Economy and Finance, the results of the execution of the forecasts of the LF with a comparison with the achievements of the same period of the previous year.
While the situation produced by the General Treasury of the Kingdom (TGR) has a fundamentally accounting nature, the SCRT apprehends, as recommended by international standards in terms of public finance statistics, the economic transactions carried out during a budgetary period in describing, in terms of flows, ordinary revenue, ordinary expenditure, investment expenditure, the budget deficit, the financing need and the financing mobilized to cover this need.
