Morocco’s tax revenues reached 243.75 billion dirhams (MAD) by the end of October 2024, reflecting a 12.5% increase compared to the same period in 2023.
This total represents 90% of the forecasted revenue for the year, with an increase of 27.1 billion dirhams.
The Ministry of Economy and Finance reported that tax refunds, exemptions, and reimbursements amounted to 19.6 billion dirhams, up from 13.6 billion dirhams in October 2023.
Key tax revenue changes include:
Corporate Tax (IS): Revenues increased by 6.5 billion dirhams, reaching 95.4% of the target, driven by higher receipts from the first three installments (+3 billion dirhams), regularization supplements (+2.3 billion dirhams), and withholding taxes on fixed-income investments (+0.9 billion dirhams).
Income Tax (IR): A 5.9 billion dirham increase, or 91.6% of the target, was driven by higher taxes on salaries (+2 billion dirhams), property profits (+0.5 billion dirhams), and withholding taxes on investment income (+0.7 billion dirhams).
Value Added Tax (TVA): VAT revenues rose by 8.1 billion dirhams (84% of the forecast), with growth from both import VAT (+12.1%) and domestic VAT (+13.2%).
Domestic Consumption Taxes (TIC): Revenues increased by 3.1 billion dirhams, with a realization rate of 91.3%, fueled by higher taxes on energy products (+12.6%), tobacco (+7.3%), and other goods (+26.6%).
Customs Duties: Revenues from customs duties grew by 2 billion dirhams, achieving 96.4% of the forecast.
Registration and Stamp Duties: These revenues increased by 1 billion dirhams (91% of the target), mainly due to higher registration fees (+700 million dirhams), insurance taxes (+147 million dirhams), and stamp duties (+127 million dirhams).
The SCRT (Treasury’s Income and Expenditure Report) presents these figures in detail, comparing actual results with forecasted figures and the previous year’s performance.
While the Treasury General of the Kingdom (TGR) focuses on accounting, the SCRT provides a broader view of economic transactions, including revenues, expenditures, budget deficits, and financing needs for the fiscal period.
The post Morocco’s tax revenues surge 12.5% in 2024, reaching 243.75 billion dirhams appeared first on HESPRESS English – Morocco News.
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