In a previous article, Le360 reported a provisional balance sheet of 50 billion dirhams concerning the overall volume of assets reorganized as part of the tax amnesty operation introduced by the 2024 finance law. An amount which corresponded to the accounts established at the end of the day of Tuesday, December 31, 2024, precisely at 4:30 p.m.
This Wednesday, January 1, 2025, Le360 learns that at the final updated count, this volume has doubled to reach the symbolic threshold of 100 billion dirhams, including 60 billion dirhams in the form of cash deposited with the banking sector. The rest, almost 40 billion dirhams, corresponds, among other things, to real estate acquisitions and contributions to associates’ current accounts.
Read also: Tax amnesty on cash: more than 50 billion dirhams declared, the State could pocket nearly 2.5 billion
By retaining the 5% final contribution levied on these amounts, the operation should drain approximately 5 billion dirhams in tax revenue, which will therefore appear in the general State budget for the year 2025 (the banks are required to pay these levies to the Treasury within the month following submission of the declaration).
Renewed confidence
Beyond the resulting tax revenues, this unprecedented amount of 100 billion dirhams, 20 times greater than that drained during the amnesty of 2020, denotes a clear revival of confidence and a desire to establish a healthy and healthy relationship between taxpayers and the tax administration.
While awaiting the final results, soon to be announced by the government, opinions are unanimous on the success of the operation, which seems to have achieved all its objectives. The volume which has now been completely cleaned up, or 100 billion dirhams, represents around a quarter of the cash in circulation in Morocco, estimated at some 425 billion dirhams.
Knowing that the DGI itself was counting on a target of 60 billion dirhams to be regularized as part of this operation, we can already conclude that the country’s big fortunes, who constitute the main target of this amnesty, have played the game by injecting more than 60 billion dirhams of cash into the banking circuit.
