Tax Reform: An increase of 100 billion dirhams in 2024 – Consonews

Tax Reform: An increase of 100 billion dirhams in 2024 – Consonews
Tax Reform: An increase of 100 billion dirhams in 2024 – Consonews

Tax revenues in Morocco experienced remarkable growth between 2020 and 2024, reaching 299 billion dirhams, compared to 199 billion four years earlier. This link, attributed to the implementation of tax reform, made it possible to mobilize an additional 100 billion to finance various social programs, according to Fouzi Lekjaa, Minister Delegate in charge of the Budget.

Social dialogue absorbed a significant part of these funds, with 44 billion dirhams allocated, while 35 billion were intended for direct aid. Furthermore, 19.5 billion covered contributions linked to medical coverage, thus strengthening social measures.

This reform also simplified the tax system and introduced measures adapted to economic specificities, such as the Single Professional Contribution. It also made it possible to effectively combat tax evasion. In 2024, reinforced controls generated 17.77 billion dirhams, up 26.4% compared to the previous year.

The main sources of revenue have seen significant growth. Income from corporate tax reached 70 billion dirhams in 2024, compared to 48.8 billion in 2020. Likewise, Value Added Tax (VAT) increased from 56 billion to more than 89 billion, an increase of 59%. As for income tax, it recorded a notable increase of 49%, reaching 59.6 billion dirhams, in particular thanks to the broadening of the tax base to non-salary income.

The government has also introduced measures to ease tax burdens on citizens. Salaries below 6,000 dirhams per month are now exempt from taxes, and more than 70% of financial efforts, estimated at 8.5 billion dirhams, benefit the middle class, which receives less than 15,000 dirhams per month.

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Concerning retirees’ income tax, the problem was resolved for 164,744 beneficiaries, or 86% of civil service retirees, offering them tax exemption.

Finally, the voluntary regularization operation made it possible to mobilize 127 billion dirhams. Citizens who have declared their income and placed their funds in bank accounts now benefit from a guarantee of confidentiality by the tax administration, promoting greater spontaneity in declarations.

This tax reform, with adapted and structuring measures, aims to consolidate the national economy, attract more investments and reduce the budget deficit, forecast at 4% in 2024, while stabilizing the public debt at 69.5%. of GDP.

Source : MAP

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