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The Moroccan Ministry of Economy and Finance announced that tax revenues amounted to 194.88 billion dirhams during the first eight months of 2024, recording an increase of 11.7% compared to the same period last year..
According to the Ministry’s report on “the status of treasury expenditures and resources,” 72% of the Finance Law’s expectations for tax revenues have been achieved..
The ministry also explained that net payments, refunds and taxes paid amounted to 12.1 billion dirhams..
In terms of detailing tax revenues, the corporate tax achieved 73% of its targets, with an increase of 4.5 billion dirhams..
This result was due to the improvement in settlement completion revenues (an increase of 2.3 billion dirhams), first and second installments (an increase of 1.2 billion dirhams), in addition to the increase in revenues of non-resident companies and taxes withheld at source..
Income tax also achieved a 75.2% achievement rate, with an increase of AED 4.3 billion. This growth is due to the increase in income tax revenues (by AED 1.5 billion), real estate profits (by AED 0.5 billion), and taxes withheld from fixed income investments..
Regarding value-added tax, it achieved an increase of 6.7 billion dirhams, as the increase in domestic value-added tax (an increase of 3.2 billion dirhams) and import tax (an increase of 3.5 billion dirhams) contributed to this increase..
In addition, domestic consumption tax revenues increased by 2.3 billion dirhams, thanks to the improvement in the tax on energy products (increase of 1.3 billion dirhams) and taxes on tobacco (increase of 0.6 billion dirhams)..
As for customs duties, they achieved an achievement rate of 76.9%, an increase of 1.7 billion dirhams. In addition, revenues from registration and stamp fees increased by 481 million dirhams, driven by an increase in insurance tax, registration fees and annual vehicle tax..
