Morocco’s tax revenues reached MAD 122.59 billion by the end of April 2025, marking a 19.3% increase year-over-year, according to the Ministry of Economy and Finance, representing 38.3% of the annual target set in the 2025 Finance Law.
Corporate tax revenues rose by MAD 9.2 billion (up 34.1%), driven by a 53.3% increase in tax settlements and a 38.3% jump in first installment payments. Income tax revenue also surged by MAD 6.6 billion (up 32.1%), boosted by a voluntary tax regularization campaign.
Value-added tax (VAT) income rose by MAD 1.6 billion, mainly from a MAD 2 billion rise in import VAT, despite a drop in domestic VAT. VAT refunds nearly doubled to MAD 4.8 billion.
Excise taxes, customs duties, and stamp duties also posted gains, while non-tax revenues fell slightly to MAD 9.6 billion, mainly from lower contributions by public enterprises.
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