Net tax revenues reach MAD 178.1 billion in 2022, up 16% compared to last year

Net tax revenues came to MAD 178.1 billion in 2022, up 16% year-on-year, according to the General Directorate of Taxes (DGI).

According to the DGI, which has just published its activity report for 2022, the targets set out in the 2022 Finance Act will be achieved by around 109%.

Net revenues in 2022 from corporate income tax, income tax, VAT and registration and stamp duties were respectively MAD 65.66 billion, MAD 50.84 billion, MAD 29.1 billion and MAD 22.06 billion, the report states, adding that their respective shares were 37%, 29%, 16% and 12%.

On an annual basis, net receipts from corporate income tax, income tax and registration and stamp duties rose by 39%, 7% and 12% respectively, while those from value-added tax fell by 10%.

The Directorate thus specified that the targets set by the Finance Act 2022 for corporate income tax, income tax, value-added tax and registration and stamp duties had been achieved at 120%, 111%, 83% and 120% respectively.

Overall gross tax revenue for 2022 amounted to MAD 195.80 billion, up 17% on 2021, corresponding to an achievement rate of 112% of the 2022 Finance Act target.

Gross tax revenue generated by corporate income tax (CIT) came out on top, with MAD 66.221 billion, or 33.8% of total revenue, up 39.3% on 2021.

Income tax, value-added tax (VAT) and registration and stamp duties generated respective revenues of around MAD 51.14 billion, MAD 45.8 billion and MAD 22.06 billion, adds the same source, noting that these showed annual evolutions of 7%, 2% and 12% respectively.

The report also stresses that the targets set by the 2022 Finance Act for gross revenue from corporate income tax, income tax, value-added tax and registration and stamp duties have been achieved.

The balance sheet for 2022 in terms of refunds, rebates and restitutions amounts to 17.7 billion, i.e. 31% more than in 2021, with a rate of achievement of the target set by the Finance Act of around 161%.