The fight against tax evasion has mobilized Western governments for years. There Francebetween 2014 and 2017, had thus enabled the regularization of 32 billion euros thanks to a policy of leniency towards repentant taxpayers. This approach, adopted by many European countries, aimed to repatriate undeclared capital while avoiding costly legal action. There Suisse, Germany and the United Kingdom have also put in place similar schemes, combining partial amnesty and tax incentives to encourage the return of hidden assets.
The winning bet of the Moroccan amnesty
The Morocco achieved an unprecedented fiscal feat. By applying a preferential rate of 5% on sums declared before 2025, compared to 37% after this date, the governmentAziz Akhannouch did emerge more than 100 billion dirhams in assets, the equivalent of 9.6 billion euros. This colossal sum, which constitutes a quarter of the cash in circulation in the country, overwhelmed the tax services in the last days of 2024. The banks, spearheading the operation, were able to convince their clients by banking on the discretion and financial advantages of this exceptional regularization.
Money comes out of the shadows
The massive influx of capital has its roots in the health crisis of 2020. Government aid paid in cash to more than 4 million families has fueled parallel financial circuits. The 2021 tax reform, introducing the single professional contribution, also pushed many traders to regularize their assets. The 60 billion dirhams in declared bank deposits demonstrate the scale of the sums which until then escaped the control of the State. Some tax filers have regularized considerable amounts, up to 280 million dirhams for a single taxpayer.
The gray areas of success
Behind this accounting success can be seen the fragilities of the Moroccan economy. The commission on the development model, mandated by the king Mohammed VIhad already warned in 2021 of the persistence of rent-seeking logic slowing down the modernization of the country. The scale of the regularized sums reveals an economy where hoarding prevails over productive investment. This distrust of the tax administration finds its origins in the deficiencies of public services. While private education reaches 15% of the education sector and a third of hospital beds belong to private clinics, taxpayers struggle to see the concrete benefits of their taxes.
Swiss
