Minister of Economy and Finance, Nadia Fettah Alaoui revealed that the government is preparing to begin taxing the informal sector by 2024.
She spoke during a presentation on Monday around a draft finance law in the Finance, Planning and Economic Development Committee of the House of Councillors.5
Estimates of national and international institutions indicate that between 60 and 80 percent of the active population working in Morocco is engaged in activities that fall within the informal economy, according to a previous report of the Economic, Social and Environmental Council.
The draft finance law that the minister presented by the minister included a comprehensive reform of the corporate tax, which should begin gradually before setting a single rate.
The Finance Bill, which was approved by the House of Representatives last Friday, included amendments related to the corporate tax.
While the draft law stipulated the imposition of a tax of 35 percent on companies whose net profit equals or exceeds 100 million dirhams and 20 percent on companies whose net profit is less than 100 million dirhams, the amendments approved by the House of Representatives, with a proposal from the majority teams, provided for a new requirement preventing large companies from resorting to tax evasion.
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