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According to reliable sources consulted by Médias24, more than 100 billion dirhams were declared as part of this cash amnesty operation.
This is not a final figure because it includes a part validated by the DGI and another which has been declared to the banks and not yet examined by the tax administration.
Here is how this amount of 100 billion dirhams is composed:
- 40 billion dirhams declared to the DGI and validated.
- 10 billion dirhams declared to banks at the end of November and validated by the DGI
- 50 billion dirhams declared to banks during the month of December and which will be processed and examined by the DGI over the coming weeks.
According to our sources, the 40 billion dirhams processed at the DGI level correspond to 10,000 spontaneous declarations and 1,000 declarations following checks of personal situations.
At this stage, 2.5 billion dirhams of revenue for the treasury for the 2024 financial year are confirmed. (5% of the 50 MMDH validated).
There will remain the portion corresponding to the 50 billion dirhams which will be examined. Banks have until January 31 to pay the 5% to the DGI for each file, thus triggering its processing. These revenues will be charged to the 2025 financial year.
The gain for the Treasury will therefore not exceed 5 billion dirhams in total, which only represents 1% of revenue of the DGI.
It is therefore not a financial issue for the State. It is above all an economic issue, of tax fairness, of dissuasion, of sanitation and of regularization.
The tax amnesty operation on undeclared cash saw a last-minute rush from banks during the last days of 2024. This rush can be explained by the desire of individuals to benefit from the amnesty, which offered a preferential rate of 5%. From January 1, 2025, this rate will increase to 37%. As we explained in our previous articles, this rush is due to the lack of extension of this measure in the 2025 finance law.
The assets affected by this amnesty for individuals include:
• Cash deposited in bank accounts;
• Cash held in the form of bank notes;
• Movable or immovable property acquired, not intended for professional use;
• Advances in associates’ current accounts, operator accounts and loans granted to third parties.
According to monetary statistics published by Bank Al-Maghrib, the amount of liquidity in circulation in the Moroccan economy reached 428.9 billion dirhams at the end of November 2024. 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. Their presence in financial circuits can offer opportunities, notably by increasing bank deposits and facilitating credit, but the real impact will depend on their use.
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