For the moment nothing official, but according to Casablanca media, the amount of assets declared as part of the tax amnesty provided for by the 2024 finance law reached 100 billion dirhams in 24 hours, or 5 times the tax administration forecasts.
The volume of assets cleaned up includes 60 billion dirhams of cash deposited in banks and around 40 billion dirhams invested in real estate acquisitions and contributions to associates’ current accounts.
“The total amount declared represents approximately a quarter of the 425 billion dirhams of cash in circulation in Morocco. This dynamic, 20 times higher than the results obtained during the 2020 tax amnesty, underlines a collective desire to clean up the economy and participate in more transparent management” notes Actu Maroc.
For its part, the specialized media Médias24 notes that the tax amnesty operation on undeclared cash experienced “a last minute rush among the banks”, during the last days of 2024.
+ A last minute rush +
This rush is explained by the desire of individuals to benefit from the amnesty, which offered a preferential rate of 5%, specifies the same source.
“From January 1, 2025, this rate will increase to 37%. As we explained in our previous articles, this rush is due to the absence of extension of this measure in the 2025 finance law,” underlines the same source.
Thus, the 100 billion dirhams deposited represent approximately a quarter of the liquidity currently in circulation.
“It remains to be seen how these 100 billion dirhams, which come from undeclared personal cash, will be reintegrated into the formal economy,” asks the same source.
In any case, one thing is clear to the public, the DGI has unearthed a real “Ali Baba’s treasure” these days, noted a banker.
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