According to the report released by the General Treasury, covering financial statistics up to July 2023, there has been a notable “6% increase in total ordinary revenues and income,” reaching 181.6 billion dirhams compared to 171.3 billion dirhams at the end of July 2022.
This amounts to a rise of 10.3 billion dirhams.
The treasury attributes this increase to a 5.2% rise in direct taxes, a 4% increase in customs duties, and a 13% rise in registration and stamp fees during the first seven months of 2023.
The same period witnessed a 33.2% increase in non-tax revenues and income, alongside a marginal 0.6% decrease in indirect taxes.
The report highlights that the gross customs revenues for Morocco amounted to 47.3 billion dirhams at the end of last July, showing a decrease of 3.6% from over 49 billion dirhams at the same point in the previous year.
By the end of July, net customs revenues, including customs fees, import value-added tax, and internal consumption tax on energy products, amounted to 47.2 billion dirhams. This represented a decrease of 3.3%, equivalent to 1.6 billion dirhams, compared to the same period in July 2022.
Revenues from “income tax” (IR) experienced a significant increase of 6.2% by the end of July 2023 compared to the same period in the previous year.
With revenues reaching 31.3 billion dirhams at the end of July 2023, up from 29.4 billion dirhams in July 2022, net income from income tax increased by 1.8 billion dirhams.
Regarding “corporate tax” (IS) data in Morocco, net revenues saw a slight increase of 0.5% to reach 37.12 billion dirhams in the first seven months of the current year, compared to 36.95 billion dirhams during the same period in 2022.
Tthere was an increase in net revenues from “domestic value-added tax” (TVA à l’intérieur), recording 15.54 billion dirhams at the end of July 2023 compared to 13.11 billion dirhams the previous year, indicating an 18.6% increase.
“Registration and stamp duty fees” contributed to the rise of local tax revenues, settling at 12.59 billion dirhams at the end of July 2023, an increase of 1.4 billion dirhams or 13% compared to the same period in 2022.
Morocco’s net local tax revenues rose by 7% , reaching 98.6 billion dirhams at the end of July 2023, while considering tax amounts and exemptions covered by the general budget.
These revenues are set to support the implementation of essential projects within the country, addressing both economic and social needs.