Moroccans care… these groups are concerned and do not care about the “tax regulations” (document)
This article was automatically translated from HIBAPRESS, the Arabic version:
This article was automatically translated from HIBAPRESS, the Arabic version:
Heba Press – Rabat
The Ministry of Finance and Economy of Morocco, in cooperation with the Tax Directorate, has launched a new tax procedure which includes the deduction of 5% of income tax on money deposited in banks, in part of encouraging citizens to deposit their money into the banking system instead of storing it in unofficial locations.
The Directorate specifies that this regulation concerns individuals with their profits and taxable income in Morocco, which have not been declared before January 1, 2024, and which constitute the source of assets and financing of the following expenses.
The operation concerns assets deposited in bank accounts. Assets held in the form of bank notes; Movable or immovable property acquired and not intended for professional use; Advances included in the partners’ current accounts or in the operator’s account or loan transactions granted to others.
A document published by the Tax Department explains a number of cases linked to this process, including any person who carries out an independent or commercial activity through which they obtain large sums and keep these within their home at instead of depositing them in the bank, and anyone who owns one or more residential apartments that they rent without declaring their income, and anyone who has a channel on YouTube or accounts on social networking sites operated for commercial purposes and whose entries are not declared, and any person who acquired property or a car with undeclared and unknown money. Its entries.
According to the same document, the operation does not target any employee who has saved a certain amount of money from their monthly salary, nor any person who receives monthly funds from one of their relatives residing abroad “father, son, daughter, brother, sister…”, and the operation also does not concern Moroccans living abroad and those who transfer their money to save it in their bank accounts in Morocco.
The Management indicated that the amount of assets and expenses declared, which were subject to payment of the contribution determined at 5% of the value of these assets and expenses, will not be taken into account when correcting the taxable bases at the time of tax. control of the taxable person concerned. Evaluation of total annual income as part of the procedure for examining the overall tax status of individuals, mentioned in Article 216 of the General Tax Code.
