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VAT revenue at the bedside of the State budget at the end of March 2023

State revenues are supported, at the end of March 2023, by the tax component, mainly VAT which increased by more than 2 billion dirhams (MMDH) in a year driven by the inflationary context, according to Attijari Global Research (AGR ).

This tax performance was able to offset the increase in ordinary State expenditure, weighed down by the weight of expenditure on goods and services and the widening of the compensation charge, indicates AGR in its “Budget Focus – Fixed income” for the month of March, noting that this widening reflects more “an increase in gas consumption rather than an increase in international prices”.

Taking into account an amount of arrears of 5.8 billion dirhams, the net financing requirement stands at 4.3 billion dirhams, notes AGR, adding that the financing mobilized amounted to 126 billion dirhams, of which 76% is directed towards the domestic market.

At the end of March 2023, the situation of public finances shows a budget surplus of 1.6 billion dirhams against 1.1 billion dirhams in March 2022. This surplus results from a greater increase in ordinary revenue compared to overall Treasury expenditure.



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