Revenues from corporate tax (IS) experienced a marked improvement of more than 17 billion dirhams (MMDH) in 2022, i.e. an achievement rate compared to the 2022 Finance Law (LF-22) of 121%, according to Attijari Global Research (AGR).
Also, import VAT generated nearly 12 billion additional dirhams compared to 2021 in a context of rising international prices, indicates AGR in its recent “Research Report – Fixed Income” under the theme “Rate Curve : a break with the ten-year trend”, noting a good orientation of the income from innovative financing which reached 25 billion dirhams in 2022 against an initial forecast of 12 billion dirhams.
In addition, the exceptional performance of the OCP also made it possible to support income from participation, with a dividend paid to the Treasury of more than 8 billion dirhams against an estimate of 5.4 billion dirhams previously, notes AGR. “Despite the additional budgetary costs linked to the increase in the cost of compensation, the State mobilized additional resources in 2022.
Taking into account the rise in the price of butane gas, soft wheat as well as subsidies granted by the State to the transport sector, compensation expenditure almost doubled to nearly 42 billion dirhams, i.e. an execution rate of 247%. compared to the LF-22″, indicate the experts of AGR.
Returning to GDP growth which, according to Bank Al-Maghrib projections, would show a sharp slowdown in 2022 to 1.1%, after a post-covid rebound of 7.9%, the note underlines that two main factors would be behind this deceleration in growth in 2022.
And to explain that it is a low cereal harvest of 34 MQx for the 21-22 agricultural campaign after a record of more than 103 MQx, suffering from the level of water stress and unfavorable conditions during this year and an unfavorable international situation marked by a strong inflationary surge in advanced economies, which negatively impacted the growth prospects of Morocco’s trading partners.