CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Moroccan Lawmakers Back 2013 Budget

Moroccan Lawmakers Back 2013 Budget

by Ulrika Lomas, Tax-News.com, Brussels

30 November 2012


Morocco’s Chamber of Representatives has recently adopted during a plenary session the government’s 2013 finance bill, containing a raft of fiscal measures designed to reduce the budget deficit and to contain expenditure next year.

Adopted by 137 votes to 56, the text provides for an “exceptional contribution” to be imposed for a period of three years on top income earners and on companies realizing large profits, to benefit the poor.

The 2013 finance bill also extends until December 31, 2020, tax exemptions accorded for low-value housing construction programs aimed at the country’s poorest. The tax benefits include exemption from registration fees, from stamp duty, and exemption from land conservation fees.

Due to be submitted to the Chamber of Advisors shortly, the 2013 finance bill provides for an economic growth rate of 4.5% and for a reduction of the budget deficit to 4.8% of gross domestic product.

During recent talks with European Commission Vice President Antonio Tajani, the Moroccan minister responsible for the budget Driss El Azami El Idrissi highlighted the various measures taken by the government to facilitate investment and to enhance the quality of the investment environment in Morocco.

The Moroccan minister alluded in particular to the actions taken by the government to resolve the issue of delays in the reimbursement of value-added tax (VAT), stressing that this represents "a real problem for companies investing in Morocco."

TAGS: Morocco | tax | European Commission | value added tax (VAT) | budget | fees | withholding tax | stamp duty | tax breaks | construction | individual income tax | Europe

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »