Μαρόκο: Λογιστικά και Φορολογικά θέματα

Tax Rate For Foreign Companies

Moroccan tax applies territorially. Companies, whether established in Morocco or not, are subject to corporate income tax on all profits or income derived from property they own, activities they conduct, and profit-making transactions they carry out in Morocco, even if these activities are occasional. Foreign companies are liable on Moroccan-sourced income at the same rates as local companies (unless 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.
For the years 2023, 2024 and 2025, companies will benefit from a 70% deduction on the net capital gain resulting from the sale of fixed assets, excluding land and buildings.

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.

Bad debts that are definitively non-recoverable are treated as deductible losses. Taxes are generally deductible (except for corporate income tax).

Tax losses can be carried forward for up to four years from the end of the accounting period in which the loss occurred. However, the portion of a loss attributable to depreciation can be carried forward indefinitely. The carryback of losses is not permitted. Foreign tax relief is provided for foreign-sourced income.

Morocco offers tax incentives in the form of tax exemption or taxation at more advantageous rates for local and foreign investors. For instance, incentives include an exemption from business tax for the first five years for newly incorporated companies and a corporate income tax exemption for companies operating tourist establishments for the first five years, subject to certain conditions. Several acceleration zones in cities like Fes, Kenitra, Layoune, Nador, Rabat, and Tangier offer authorized companies a business tax exemption for the first 15 years and a corporate income tax exemption for the first five years. Companies with "Casablanca Finance City" status are entitled to a corporate income tax exemption for five years from the start of the tax year in which the status was obtained. Additionally, tax-neutral treatment may be available for corporate income tax purposes for the transfer of investment goods between member companies of a restructuring group. Companies that qualify as OPCIs are exempt from tax on rental income from buildings constructed for professional use, as well as dividends and interest received.

Other Corporate Taxes

Registration duties between 1% to 6% 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%). 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.

Legal entities conducting business activities in Morocco are subject to a business tax based on the rental value of buildings, premises, and other assets used for the business. This tax is levied at rates of 10%, 20%, or 30% of the rental value, depending on the nature of the entity's business.

Additionally, a municipal tax is imposed at a rate of 10.5% on the rental value of real estate assets located within urban districts, and at a rate of 6.5% on the rental value of real estate assets in the peripheral zones of urban districts.

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

Country Comparison For Corporate Taxation

Source: The World Bank - Doing Business, Latest data available.

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).

Allowable Deductions and Tax Credits

The deductions from gross salary concern mainly social security contributions, retirement contributions, and a lump-sum deduction equal to 25% of the gross salary for incomes not exceeding MAD 78,000 (with a ceiling of MAD 35,000 per year).
The deduction applicable to pensions and life annuities is set at 70% of the gross taxable amount not exceeding MAD 168,000.

Charitable contributions are deductible if granted to organisms and societies expressly provided by the tax law. Loan interest related to the acquisition of a main house is tax deductible, up to a limit of 10% of the taxable global revenue.

Certain indemnities such as dismissal indemnity, compensation for voluntary departure, and compensation for damages awarded in the event of dismissal are exempt from taxation up to a maximum limit of MAD 1 million. However, if an individual receives multiple indemnities, the combined total amount of such indemnities exempted from income tax cannot surpass the aforementioned limit of 1 million.

Professional expenses incurred in the operation of the business are generally deductible unless specifically excluded. The cap on professional expenses deductible from gross annual taxable income has been raised from MAD 30,000 to MAD 35,000 for individuals whose gross annual taxable income does not exceed MAD 78,000. For those with a gross annual taxable income exceeding MAD 78,000, the deduction rate is set at 25%, up to a limit of MAD 35,000. Additionally, the deduction for pensions and life annuities has been increased from 60% to 70% on the gross taxable amount not exceeding MAD 168,000.

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, the 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.

Rental income is subject to individual income tax (based on the gross amount) at the following rates: 10% for annual gross revenues below MAD 120,000, and 15% for annual gross revenues equal to or exceeding MAD 120,000.

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.

Employees have to contribute to the Caisse Nationale de Sécurité Sociale (CNSS) fund, as follows: social allocation 4.48%; mandatory medical care 2.26%.

Morocco does not levy any net wealth tax, net worth tax, inheritance tax, or gift tax.