The process generated 231.76 million dirhams in contributions to the public treasury.
The Office des Changes du Maroc announced that the 2024 voluntary asset declaration process for undeclared assets and funds held abroad resulted in a total of declared assets exceeding 2 billion dirhams (more than 198 million dollars).
The Office published a press release on Tuesday confirming that 658 declarations were filed as part of the settlement process, for an amount of more than 2 billion dirhams.
Financial assets made up the largest share, with a declared value of 916.2 million dirhams, or 45% of the total. Real estate came in second position, valued at 868.3 million dirhams, or 43%.
Cash comes in last place with 244.7 million dirhams, or 12% of the total amount declared.
This operation generated contributions to the public treasury amounting to 231.76 million dirhams, the press release specifies.
The results for the year 2024 are below previous settlement programs. In 2020, declarations reached around 6 billion dirhams, while the 2014 program set a record with 28 billion dirhams of declared assets.
The voluntary settlement process allows Moroccan residents who hold undeclared assets or funds abroad to legalize their status. This applies to assets acquired before January 1, 2024, which were in violation of exchange control laws. Moroccan cuisine
Undeclared assets may include real estate, financial assets or cash deposits in foreign banks or institutions.
As part of this procedure, reestablished by the 2024 finance law, individuals declare their assets held abroad, repatriate their foreign currency assets to Morocco and pay one-off settlement fees whose rate varies between 10%, 5 % or 2%, depending on the case.
“During this settlement period, persons who have acquired assets and holdings abroad in violation of foreign exchange regulations will be able to file their declaration, using a standardized form, at any bank branch of their choice,” said the Foreign Exchange Office.
MK/te/APA
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