Μαρόκο: Λογιστικά και Φορολογικά θέματα

Corporate Taxes

Tax Base For Resident and Foreign Companies: Moroccan residency status applies if a company is incorporated in Morocco or its place of effective management is in Morocco.

Tax Rate

From MAD 0 to 300,000	10%
From MAD 300,001 to 1,000,000	20%
Above MAD 1,000,000	31% (26% for companies performing industrial activities with taxable income under MAD 100 million)
Minimum contribution	CIT has to be minimum 0.4% (or 0.25% for specific products) of the turnover and other specific revenues (after 36 months of activity) Where the current income, excluding capital allowances, of a company is declared as a loss position for two consecutive years beyond 36-month exemption period, the applicable rate becomes 0.6%
Social solidarity contribution on the profits of companies with net profit equal to or greater than MAD 1 million	1.5% for companies with net profit of MAD 1 million to less than 5 million; 2.5% for companies with net profit of MAD 5 million to less than 10 million; 3.5% for companies with net profit of MAD 10 million to less than 40 million; and 5.0% for companies with net profit of MAD 40 million or more
Credit institutions, insurance companies, and Takafoul insurance and reinsurance companies	37%
Opt-in tax for contractors engaged in engineering, construction or assembly projects relating to industrial or technical installations	8% of the contract price (net VAT and other similar taxes)
Companies operating in the "Free Trade Zones" (for their export turnover)	Exempt for five years; 8.75% for the next 20 years
Mining companies	17.5%
Hydrocarbon companies	Exempt from CIT for ten years from the beginning of hydrocarbon regular production
Companies with regional or international head offices as recognised by the Casablanca Finance City regime (after five years of total exemption, for export turnover)	8.75% (15% if the Casablanca Finance City status is obtained as from 1 January 2020)
Companies exporting goods and services	0% for the first five years 17.5% thereafter
Small-scale agricultural companies	Turnover below MAD 5 million: total exemption
Hotel companies	Fully exempt on their profits relating to foreign currency turnover for the first five years; 17.5% thereafter
Banks and holding companies located in offshore zones (for the first 15 years of operation)	Minimum CIT of USD 25,000 or reduced rate of 10%

Tax Rate For Foreign Companies

Moroccan tax applies territorially. Foreign companies are liable on Moroccan-sourced income, even when this is of an occasional nature, at the same rates as local companies (unless a preferential treatment is granted under foreign investment schemes).
A branch tax of 15% applies to the net income transferred by the Moroccan branch to foreign entities.

Capital Gains Taxation

Capital gains are treated as non-current income and taxed at the normal corporate tax rate.
Non-resident companies are exempt from capital gains derived from the sale of stocks listed on the Casablanca stock exchange, excluding the shares of real estate entities.

Main Allowable Deductions and Tax Credits

Expenses incurred in connection with business activities are generally deductible unless specifically excluded. Start-up expenses shall be capitalised and depreciated for tax purposes over a five-year period. Interest on loans granted by direct shareholders is deductible if the capital is fully paid in, limited to the share capital equity and the interest rate provided annually by the Ministry of Finance.

Charitable contributions made by companies are deductible only if they are granted to foundations and societies explicitly provided by law. In the case of contributions made to the community enterprise, the deduction is capped at 0.2% of the turnover.

Tax losses may be carried forward for a period of four years from the end of the loss-making accounting period. However, the portion of a loss that relates to depreciation may be carried forward indefinitely. The carryback of losses is not permitted. Foreign tax relief is provided for foreign-sourced income. Bad debts that are definitively non-recoverable are treated as deductible losses. Taxes are generally deductible (except for corporate income tax).

Morocco offers tax incentives in the form of tax exemption or taxation at more advantageous rates for local and foreign investors. Check the Corporate income tax section for further details.

Other Corporate Taxes

Registration duties are due on all written or verbal conventions, such as property transfer of real estate, shares, or rights; company set up; equity increase; and goodwill transfer (6%). The rates of registration duties range from 1% to 6%. A flat rate of MAD 200 is also applicable to specific operations and conventions.The acquisition of real property is subject to a 1% real estate tax.

A municipal tax ("taxe de services communaux")is levied at a rate of 10.5% of the rental value of properties located in urban areas and 6.5% for properties located on the outskirts of cities.

The business tax ("taxe professionnelle") consists of a tax on the rental value of business premises (rented or owned) and fixed assets. The tax rates range from 10% to 30%, with an exemption for the five first years of activity. The rental value is exempted for the portion of the cost exceeding MAD 50 million.

A Payroll tax (called professional training tax) is imposed on the gross monthly remuneration of employees that are subject to social security contributions, at a rate of 1.6%. Morocco's mandatory social security regime is managed by the CNSS (Caisse Nationale de Sécurité Sociale). Employers' contributions are as follows: family allocation 6.40%; social allocation 8.60% (with a computation base capped at MAD 6,000); professional tax 1.60%; mandatory medical care 4.11%.

Other Domestic Resources

General Tax Administration

Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.

Country Comparison For Corporate Taxation

	Morocco	Middle East & North Africa	United States	Germany
Number of Payments of Taxes per Year	6.0	20.8	10.6	9.0
Time Taken For Administrative Formalities (Hours)	155.0	204.0	175.0	218.0
Total Share of Taxes (% of Profit)	45.8	32.1	36.6	48.8

Source: Doing Business - Latest available data.

Accounting Rules

Accounting System

Accounting Standards: All banks and similar financial institutions need to file using IFRS Standards. All companies listed on the Casablanca Stock Exchange other than banks and similar financial institutions are required to choose between IFRSs and Moroccan GAAP.
Accounting Regulation Bodies: National Council of Accounting (Link in French)
Accounting Law: Companies Law of 1999, Law 15-89 1993 on the regulation of the profession of Chartered Accountants
Difference Between National and International Standards (IAS/IFRS): Moroccan GAAP, which are significantly different from IFRS Standards, are no longer required for domestic or foreign public companies as the only available financial reporting framework. In fact, banks and similar financial institutions are required to file using IFRS standards. All companies listed on the Casablanca Stock Exchange other than banks and similar financial institutions are required to choose between IFRSs and Moroccan GAAP.

Accounting Practices

Tax Year: The calendar year normally is the fiscal year, although a company may opt for a different fiscal year.
Accounting Reports: Moroccan Institute of Chartered Accountants aims to converge the Moroccan Standards on Auditing with International Standards on Auditing (ISA) for statutory audits by December 2017.
Publication Requirements: The balance sheet describes separately the asset and liabilities items of the business.
The income and expense account summarizes the incomes and expenses of the financial year without considering their date of cashing or payment.
The management balances report describes the formation of the net income and that of self-financing.
The funds flow statement highlights the financial growth of the company during the financial year by describing the resources provided and jobs provided from it.
The additional details report supplements and comments on information provided by the balance sheet, the income and expense account, the management balances report and the funds flow statement.
The account should be certified annually.

Accountancy Profession

Accountants: Generally auditors, chartered accountants and public accountants are distinguished.
The government auditors necessarily belong to the public accountants corporation.
The chartered accountants play the role of financial, accounting, legal and tax consultant in companies.
Audit relates more to an internal management audit of the company.
Professional Accountancy Bodies: Moroccan Institute of Chartered Accountants
Moroccan Institute of Internal Auditors
Member of the International Federation of Accountants (IFAC): Morocco is a member of the International Federation of Accountants (IFAC).

Consumption Taxes

Nature of the Tax: VAT - Value-Added Tax (Taxe sur la Valeur Ajoutée - TVA)
Standard Rate: 20%
Reduced Tax Rate: A reduced rate of 10% applies to petroleum products; banking transactions; hotel operations; restaurant operations; sales and delivery operations relating to art objects; edible fluid oils; solar water heaters and photovoltaic panels.
VAT rate for transport, butter and electricity is 14% (same as for butter).
A reduced rate of 7% applies to water; rental of water and electricity meters; pharmaceutical products and non-recoverable packaging of pharmaceutical products.
Zero-rated items include exported goods and services; goods placed under customs suspensive regime; fertilizers; machinery for exclusively agricultural use; investment goods recorded as fixed assets, acquired by taxpayers, for a period of 36 months from the start of the activity, excluding vehicles acquired by car rental agencies.
Exclusion From Taxation: Exempt items include sales, other than for consumption on the spot, of goods including fresh, frozen, whole or cut fish products; sales of recovered metals and water pumps that use solar energy or any other renewable energy used in the agricultural sector; services provided by insurance and reinsurance companies.
Method of Calculation, Declaration and Settlement: VAT is levied on the net sale price of the supply of goods and services in Morocco and on import transactions. All persons subject to VAT must make a declaration of existence within 30 days of the start of operations to be able to register for VAT purposes. Generally, VAT returns must be filed on a monthly basis (quarterly in some cases).
Small individual manufacturers and service providers with an annual turnover below MAD 500,000 enter in the scope of VAT (although they will be exempt, with no right to deduct input VAT - does not apply to companies).
Other Consumption Taxes: Excise duties are levied on several products, including alcoholic beverages, energy drinks, tobacco, sugar, oil products, lubricants, etc. Plane tickets for international flights departing from Moroccan airports are taxed at MAD 100 for Economy class and MAD 400 for Business and First class.

Individual Taxes

Tax Base For Residents and Non-Residents: An individual is considered to be resident in Morocco if: he/she has a permanent home in the country; he/she has the centre of economic interest or carries on professional activities in Morocco; or stays in the country for more than 183 days within any period of 365 days.

Tax Rate

Progressive income tax	From 0 to 38%
Up to MAD 30,000	0%
From MAD 30,001 to 50,000	10%
From MAD 50,001 to 60,000	20%
From MAD 60,001 to 80,000	30%
From MAD 80,001 to 180,000	34%
Above MAD 180,000	38%

Allowable Deductions and Tax Credits: The deductions from gross salary concern mainly social security contributions, retirement contributions, and a lump-sum deduction equal to 20% of the gross salary (with a ceiling of MAD 30,000 per year).
Personal insurance contributions can be deducted under certain limits (e.g. 50% of net taxable salary for individuals receiving only salary income).
Charitable contributions are deductible if granted to organisms and societies expressly provided by the tax law. Loan interests relating to the acquisition of the main house are tax-deductible up to the limit of 10% of the taxable global revenue.
Professional expenses incurred in the operation of the business are generally deductible unless specifically excluded.
Special Expatriate Tax Regime: Individuals with their main homes in Morocco are taxed on the totality of their incomes. Non-resident individuals are taxed only on Moroccan-sourced income.
There are no special regimes for expatriates (unless a double taxation treaty applies).
Capital Tax Rate: Capital gains from the sale of property are generally taxed at 20% as part of ordinary income, at a minimum of 3% of the selling price. The sale of a resident company's share is taxed at 10%.
Capital gains derived from the disposal of immovable property generally are subject to a 20% tax, same as those derived from the disposal of shares. Capital gains derived from the disposal of a residence used as principal residence for at least six years are exempt from taxation.
Municipal tax is levied at a rate of 10.5% of the rental value of real estate assets situated within urban districts, and 6.5% of the rental value of real estate assets in peripheral zones of urban districts.
A gift tax is levied at a flat rate of 20%.
Employees have to contribute to the Caisse Nationale de Sécurité Sociale (CNSS) fund, as follows: social allocation 4.48%; mandatory medical care 2.26%.

Double Taxation Treaties

Withholding Taxes: Dividends: 0 (resident company)/15% (non-resident company or individual); Interest: 20% (resident company)/30% (resident individual)/10% (non-resident - a loan granted for 10 years or more is exempt from withholding tax); Royalties: 0% (resident company or individual) 10% (non-resident company or individual).
The rates may vary according to specific tax treaties.

Sources of Fiscal Information

Tax Authorities: Overview of Morocco's tax measures in response to Covid-19
General Tax Administration
Ministry of Economy and Finance
Other Domestic Resources: Moroccan tax system
Moroccan taxation guide
Country Guides: PwC Tax Guide - Morocco

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