Tax revenues up 9.5% at the end of February


Tax revenue stood at 43.87 billion dirhams (billion dirhams) at the end of February, up 9.5% compared to the same period a year earlier, according to the Ministry of Economy and Finance.

Tax revenue thus showed an achievement rate of 16.2% compared to the forecasts of the Finance Law (LF), the ministry reported in the situation of Treasury expenses and resources (SCRT) of February 2024.

Reimbursements, tax reliefs and restitutions, including the share borne by local authorities, amounted to 974 million dirhams (MDH), compared to 1.3 billion dirhams at the end of February 2023.

By nature of tax, Corporate Tax (IS) shows an increase of 418 MDH (+15%), mainly due to the IS withheld at source for remuneration allocated to third parties and on fixed income investment products.

Income tax (IR) recorded an increase of 281 MDH (+2.7%) thanks in particular to revenues from the action of the tax administration (+234 MDH), while the Value Tax added tax (VAT) increased by 2.3 billion dirhams, mainly due to internal VAT.

As for customs duties, they experienced a decline of 185 million dirhams, mainly due to the drop in imports.

Regarding internal consumption taxes (TIC), they increased by 211 MDH (+4.3%), covering an improvement of 15% in TIC on energy products and a drop of 10.2% in those on tobaccos.

Likewise, registration and stamp duties increased by 590 MDH (+11.1%), following in particular the 432 MDH increase in registration fees.

Furthermore, the SCRT shows an increase of 2.9 billion dirhams in non-tax revenue which stood at 5.1 billion dirhams at the end of February 2024. These revenues come from public establishments and enterprises to the tune of 417 million dirhams and other revenues for a amount of 4.7 billion dirhams.

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