The Moroccan House of Councillors passed the draft finance bill this Friday, December 3 in a plenary session.
64 councilors voted in favor of the bill, while 18 rejected it and 7 abstained.
This first part of the bill was subject to a series of amendments, as 39 were accepted out of 250 proposed.
Of the retained amendments is the application of a unified 2.5% import tax on raw materials used for the treatment of diabetes.
In addition, basic telephones and 32-inch televisions were exempt from domestic consumption tax (TIC), “to preserve the purchasing power of citizens.”
The tax on transport of people and goods was also reduced to 10%, while student loans are exempt from added value tax (VAT). Recycled metals have also been exempt from VAT without the right to the deduction.
Companies operating in industrial acceleration zones and service companies will additionally benefit from the special tax system in the financial pole of Casablanca (Casablanca Finance City) which will pay the social security deductibles in their stead.
The amendments included an extension of the previously set deadline of informal workers’ registration to the national social security office, now scheduled to last until the end of 2022.
Fines incurred by tourist transport operations were eliminated, while the new finance bill now provides for the creation of a system to promote the financing of small associations and NGOs.
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