Recently unveiled by the Executive, the framework note for the finance bill (PLF) for the year 2023, brings its share of measures which propose to support investment as a whole and to establish its role as engine of recovery and inclusive growth.
According to this letter sent by the Head of Government to the various ministerial departments concerned, and which outlines the broad outlines of the PLF for the next financial year, investment, both public and private, is a priority.
This framework note, which sets the main guidelines that each department is called upon to follow in the preparation of the 2023 budget, also sets out the main guidelines for the investment component, in accordance with the High Royal Guidelines calling for put in place a new investment charter advocating a better distribution of wealth and the fruits of development.
It goes without saying that Morocco has been engaged in recent years in a process of comprehensive overhaul of its investment system. Worthy of mentioning in this regard, the latest efforts in terms of the creation and activation of the Mohammed VI Fund for Investment, in response to the Covid crisis with the strategic objective of initiating a sustainable economic recovery. and inclusive.
Also, this desire of the Kingdom to transform the perimeters of investment is clearly reflected in the new investment charter, the framework law of which was adopted last July by the Council of Ministers chaired by His Majesty King Mohammed VI.
This mechanism, which bets primarily on the guarantee of permanent jobs, aims, according to the government, to adapt the State’s policy in terms of investment development to the profound institutional, economic, social, environmental and technological transformations at the national and international.
The PLF-2023 will therefore come at the right time since the Executive intends, through this text, to continue the momentum given to the various efforts to promote investment, both public and private.
To do this, the government is proposing, according to the said framework note, a battery of measures likely to breathe new life into the dynamics of investment, in particular through the stimulation of the various support mechanisms for projects of a strategic nature and to the activity of very small, small and medium-sized enterprises that operate nationally or export internationally.
In detail, the government will focus on the implementation of the provisions of the framework law forming the Investment Charter. This concerns in particular the activation of support mechanisms for strategic projects and support for SMEs and Moroccan companies working to develop their capacities on a global scale.
The letter also indicates that the public investment effort will continue, particularly with regard to infrastructure projects, the implementation of the ambitious sectoral strategies launched by the Kingdom, including the “Green Generation” strategy, the industrial transformation, tourism, crafts and the solidarity economy, in addition to the promotion of national production and support for the competitiveness of “Made in Morocco” as well as the strengthening of national food, health and energy sovereignty .
Under the PLF-2023, the executive will also endeavor to continue the effective implementation of the reform project relating to the Regional Investment Centers (CRI) with the aim of providing them fully with the exercise of their powers. in terms of promoting private investment and strengthening its impact on the socio-economic development of the regions.
In addition, great importance will be given to strengthening the buy-in of the private and banking sectors in the area of investment.
Promoting investment also involves tax justice
According to the PLF 2023 which sets four main priorities, in accordance with the High Royal Guidelines contained in the Speech from the Throne, reflecting the commitments of the government program, the Executive will continue its efforts to improve the attractiveness of the national economy, and promote the competitiveness of its productive fabric through the strengthening of stability and tax justice.
That said, a call is made for the implementation of the provisions of the framework law on tax reform, which constitutes a fundamental reference framing Morocco’s tax policy over the next few years, so as to strengthen taxpayers’ rights and guarantee a simplified and transparent tax system, in line with international best practices in this area.