During a meeting organised by the Chamber of Commerce of Agadir (CCISA) and a regional union of the Confederation of Moroccan Businesses (CGEM), the Director General of Tax Administration Noureddine Bensouda unveiled the key successes so far of the 2009 Moroccan Finance Law.
Underlining the government’s efforts to harmonise and strengthen the Moroccan tax system, the Director General confirmed that the main aim of the tax policy is to prioritise extension of the tax base.
Measures contained in the 2009 Finance Law are, Bensouda continued, designed to boost purchasing power and to alleviate the tax burden. Among the most successful and far-reaching initiatives have been those enabling deductions from income tax, notably the measure permitting deduction from global taxable income of interest pertaining to loans taken out to construct housing designed for a main residence, up to a period of seven years.
The Director General also alluded to another significant measure introduced in the 2009 Finance Law, namely suppression of the exemption from corporate tax previously accorded to companies exporting scrap metal. Henceforth, any companies exporting scrap metal will be liable to pay corporate tax – a measure designed to ensure a better provision of scrap metal on the local market.
Regarding the decision to exonerate the purchase of any materials necessary for carrying out improvements to fishing boats, Bensouda emphasised that the fishing and agricultural industries are two priority sectors that have been identified by the government for development and modernisation at national level.
Acknowledging the need for on-going reform of the Moroccan VAT system, Bensouda reminded those present of the government’s continuing commitment to achieving a progressive VAT rate of 18% over the course of the next few years and to lowering the tax burden borne by individuals.
In response to concerns raised by certain operators in the region, lamenting the delays and difficulties experienced in obtaining a certificate exonerating them from VAT, the Director General remained firm, confirming that the certificate will only be issued to those companies regularly paying tax.
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