Morocco’s economy and finance ministry said fiscal receipts in 2025 overshot budget forecasts, with tax revenues posting an execution rate of 106.9 percent and refunds, remissions and tax restitutions, including the share borne by local authorities, rising by 3.1 billion dirhams to 26.1 billion dirhams.
Corporate income tax led the gains, with an execution rate of 125.1 percent and an increase of 20.3 billion dirhams, or 28.6 percent, which the ministry linked to a sharp rise in the top up settlement payment, up 51.9 percent to a record 20.1 billion dirhams, alongside improved instalments of 14.1 billion dirhams and higher refunds under the same tax, which rose from 2.4 billion to 3.4 billion dirhams in 2025.
Personal income tax receipts rose by 5.6 billion dirhams, or 9.4 percent, with a 107.4 percent execution rate, supported by a voluntary tax regularisation that generated 3.8 billion dirhams in January 2025, as well as higher withholding on capital gains from the sale of movable securities, up 936 million dirhams, and additional proceeds from tax administration actions of 619 million dirhams, the document said.
Value added tax revenue increased by 8.3 billion dirhams, or 9.3 percent, driven by growth in import VAT and domestic VAT, while excise receipts posted a 112.5 percent execution rate and rose by 5 billion dirhams, led by higher taxes on energy products and tobacco, which the ministry tied to the removal of an excise exemption on coal and heavy fuel oil used for electricity generation under the 2025 finance law and higher rates on several petroleum linked products.
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