The Moroccan Ministry of Economy and Finance has announced that the country’s state revenues have surpassed expectations outlined in the Finance Law.
According to the recent Treasury Situation Report (TSR), revenue collection reached 82.8% of the forecasted target, demonstrating robust economic performance.
Key highlights from the report include significant growth in corporate income tax (CIT), income tax (IT), and value added tax (VAT).
CIT collection reached 92.1% of the target, driven by improvements in advance tax payments, adjustments, and withholding taxes on fixed-income investments and third-party remunerations.
IT collection reached 83% of the target, primarily due to increased collections from salaries, capital gains, and withholding taxes on fixed-income investments and securities sales.
VAT collection grew by 7.6%, driven by increases in both domestic and import VAT.
Excise duties and customs duties also contributed to the overall revenue growth.
Excise duty collection reached 79.9% of the target, with growth attributed mainly to energy products and tobacco. Customs duty collection reached 86.3% of the target, while registration and stamp duties increased by 420 million dirhams, driven by higher registration duties, insurance contract taxes, and special annual vehicle taxes.
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