HomeEconomyTaxes and corporate profits reduce the budget deficit

Taxes and corporate profits reduce the budget deficit

The tax hike and the profits of public establishments helped reduce the budget deficit in 2022 to 69.4 billion dirhams, compared to 70.2 billion dirhams in 2021.

According to data published by the Ministry of Economy and Finance, total revenue for the past year amounted to around 304.3 billion dirhams. This is an increase of 48.1 billion dirhams. With regard to tax revenue, taxes have contributed to the coffers of the public treasury to the tune of 251.8 billion dirhams, recording an annual increase of around 17.4%, and include direct and indirect taxes, customs, registration and stamp.

As for non-tax revenues, they reached 48.6 billion dirhams, and they include the profits of public establishments and companies to the tune of 13.1 billion dirhams, up 22.7%. The Office Chérifien des Phosphates, OCP, filled the coffers of the public treasury with 6.5 billion dirhams.

The National Real Estate and Cartography Agency (ANIC) contributed 4 billion dirhams, while Maroc Telecom (IAM) contributed 786 million dirhams, just ahead of Bank Al-Maghrib with approximately 738 million dirhams. Privatization operations recorded a fee of 5 billion dirhams last year, a resource that the government has not used.

On the other hand, total expenditure increased by 47.4 billion dirhams, from 326.3 billion dirhams in 2021 to 373.8 billion dirhams last year. On the other hand, the expenditure of civil servants increased from 140 billion dirhams in 2021 to 147.7 billion dirhams, during the past financial year, an increase of 7.2 billion dirhams.

That said, thenet customs revenue amounted to 84.04 billion DH at the end of December 2022, up 18.6% compared to the same period a year earlier, according to the General Treasury of the Kingdom (TGR). The latter indicates, in its recent monthly bulletin of public finance statistics (BMSFP), that these receipts take into account refunds, reliefs and tax restitutions of 239 million DH).

The TGR adds that gross customs revenue increased by 18.7% to 84 billion DH. In detail, net revenue from customs duties reached more than 13.8 billion DH, up 16.7%, while net revenue from value added tax (VAT) on imports rose by 28.5% to 54.44 billion DH.

As for the expenses of the compensation fund, they recorded a significant increase of around 92.8%, reaching 42.1 billion dirhams in 2022, due to the rise in the price of subsidized materials such as butane gas. , sugar and flour, against 21.8% billion dirhams in 2021.

The Ministry of Economy and Finance indicated that the year 2022 was marked by a difficult global economic situation, characterized by geopolitical tensions linked to the crisis of the COVID-19 pandemic and high inflation due to the soaring oil and food prices on the international market. Not to mention the repercussions of the internal drought, which affected the situation



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