Morocco reforms its tax system
(PresseBox) - 2020 started with a tax reform in Morocco. This should bring additional foreign investors into the country and create more transparency.
The 2020 Moroccan tax reform is distinguished by three main priorities:
continued support for social policies and reduction of social and territorial disparities
establishment of social protection mechanisms
confidence building and a new investment dynamic in addition to business support measures
The main changes introduced by the tax reform are:
Abolition of the five-year exemption for new exporting companies.
Companies established in industrial acceleration zones as well as service companies with "Casablanca Finance City" status will be taxed at the uniform rate of 15%, beyond the five-year exemption period.
Incorporated sports companies will benefit from the five-year exemption, from the first operating year.
Farms with a turnover of more than MAD 5,000,000 (MAD=Moroccan dirham. 100 dirham are the equivalent of around 10.5 USD, as of 2 March 2020), companies carrying out offshore activities, as well as sports companies benefit permanently from the marginal rate of 20% for the portion of net profit which exceeds MAD 1,000,000.
A new corporate tax scale is introduced.
The higher rate of 31% is, however, reduced to 28% for companies exercising an industrial activity, excluding those whose net profit is equal to or greater than MAD 100,000,000.
The minimum contribution rate is set at 0.50%. However, this rate shall be increased to 0,60%, where, beyond the exemption period, current profit excluding depreciation is declared negative by the business for two consecutive financial years.
Measures relating to the voluntary regularisation of the taxpayer?s tax situation (unreported cash) and to the spontaneous regularisation of assets and liquids held abroad.
The administration may exchange information with foreign tax administrations under international conventions or agreements.
For further information please contact:
Nassim Karim, CPA ? Certified Public Accountant (AE), Managing Partner, ECOVIS Morocco, Casablanca, Morocco, www.ecovis.com
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 7,500 people operating in over 75 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.
The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments ? from preparation in the client?s home country to support in the target country.
In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
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Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 7,500 people operating in over 75 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments? from preparation in the client?s home country to support in the target country.In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
Datum: 04.05.2020 - 02:00 Uhr
Sprache: Deutsch
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"Morocco reforms its tax system
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