Amidst intense opposition, the House of Representatives’ Foreign Affairs Committee braces today for a critical debate on the 76-19 draft law, presented by Minister Nasser Bourita, which aims to revolutionize tax transparency but raises concerns about the privacy of the Moroccan community’s financial assets.
Tensions are brewing on both sides of the aisle, as the majority and opposition teams in the House of Representatives stand firmly opposed to the proposed law.
The 76-19 draft law dates back to June 25, 2019, when the Ministry of Finance approved it, drawing from Morocco’s participation in the Organization for Economic Cooperation and Development’s Treaty on Mutual Administrative Assistance in the Tax Field.
At its core, the 76-19 draft law represents a multilateral agreement aimed at facilitating the exchange of permits between nations.
This international accord fosters tax transparency by providing tax administrations with access to crucial data, including global profit distribution, taxes paid, and indicators of economic activity for multinational corporations. The mechanism relies on the automatic exchange of annual declarations among member countries.
However, the draft law has sparked concerns among the Moroccan community, particularly those living abroad. Worries are centered on the potential transmission of personal information, such as tax identification numbers and account details, as well as the disclosure of financial assets held in accounts.
In response to these anxieties, Moustapha Baitas, the official government spokesperson, reassured Moroccans worldwide, stating that the law’s implementation would not compromise their rights or status in any manner.
“There is nothing that can raise the concerns of any Moroccan in any region of the world, Nothing can affect their rights or status,”he previously said.
The member states shall abide by the regulations governing interstate cooperation, secrecy, and data protection, as well as the adoption of laws requiring the interested entities to file the declaration, to ensure the secure implementation of the agreement, according to the draft law.
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