Morocco's Fiscal Reform Pushes Tax Revenues to $30 Billion
Rabat – Morocco's fiscal reform has generated a consistent increase in tax revenues, jumping from MAD 199 billion ($20 billion) in 2020 to MAD 300 billion ($30 billion) in 2024.
Fouzi Lekjaa, Delegate Minister for Budget, presented the statistics on Tuesday to the House of Councillors.
The upward trend has so far been maintained, Lekjaa said, detailing that the tax revenues amounted to MAD 100 billion ($10 billion) at the end of last month and mirrored over an 11% yearly average increase.
He also indicated that the tax burden fell from 23% to below 21.2%, referring to the change to robust economic activity and initiatives detailed in conjunction with Parliament.
Corporate tax revenues increased from MAD 51 billion ($5 billion) in 2020 to MAD 77 billion ($7.7 billion) in 2024.
Receipts from value-added tax (VAT) increased by 62%, moving from MAD 90.5 billion ($9 billion) to MAD 147 billion ($14.7 billion).
Personal income tax revenues also recorded an increase, from MAD 42 billion ($4.2 billion) to more than MAD 64 billion ($6.4 billion).
Lekjaa invoked the tax amnesty scheme that brought in declarations of MAD 125 billion ($12.5 billion), terming it as a sign of public confidence.
A 5% tax under the Finance Law should bring an additional MAD 6 billion ($600 million) to the state coffers.
He noted that greater trust between citizens and the tax administration would increase Morocco's GDP by more than 10 points and open the door to new investments.
Figures from January 2025 confirm the optimistic momentum, with tax revenues standing at MAD 2.46 billion ($246 million) more than in the same month of 2024, at MAD 27.14 billion ($2.7 billion). Lekjaa said he is expecting further growth until the end of March.
The government's social reform program has to date required MAD 100 billion ($10 billion) in spending, he said, concluding that this underlined the need for diversification of funding sources in a bid to reduce the budget deficit to 3% by the end of the government term.
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