Latest news with #FinanceLaw
Zawya
7 days ago
- Business
- Zawya
Tunisia: Financial balances of 2026 draft Finance Law at heart of cabinet meeting
Tunis - A Cabinet meeting, chaired by Prime Minister Sarra Zaafrani Zenzri, was held Tuesday, at the Government Palace in Kasbah, to review the financial balances of the draft Finance Law for 2026. According to a press release, the Prime Minister affirmed that the draft Finance Law for 2026 is 'a sovereign instrument that embodies the popular will and represents the financial translation of the State's social and economic priorities and the objectives of the Development Plan for the period 2026–2030.' That plan is based on a bottom-up approach starting from the local level, then the regional level, then the district level, and finally reaching the national level, in line with the vision of President Kais Saied. Zenzri stressed that this draft law constitutes the embodiment of the State's policy and its major choices, which revolve mainly around reconciling social justice with economic growth. The Cabinet reviewed the main axes included in the financial balances of the 2026 draft Finance Law, foremost among them strengthening the pillars of the social state, particularly employment and reducing unemployment, through the implementation of a new recruitment programme in the civil service in 2026, continuing the programme to regularize temporary public workers (site workers), combating precarious employment, and prohibiting outsourcing. Other key points include undertaking legislative reforms to support decent work and guarantee social protection, supporting vulnerable groups and low-income families, working on their economic integration and improving their living conditions, as well as improving the quality of public services and bringing them closer to citizens, especially in health, education, and transportation. Among the other components of these balances are boosting public investment with fair development in line with the 2026–2030 Development Plan, diversifying sources of investment financing, promoting investment in renewable energy, integrating the informal economy, and investing in equitable development based on the outcomes of the work of local, regional, and district councils in preparing the 2026–2030 Development Plan. The Prime Minister emphasised the need to sustain financial balances so that they meet the aspirations of the various social groups and achieve a balance between the social role of the State and the support of economic growth, within a comprehensive vision aimed at establishing fair development and achieving social justice. © Tap 2025 Provided by SyndiGate Media Inc. (
African Manager
02-07-2025
- Business
- African Manager
Call to allocate 30% of national tourism capacity to citizens
The Tunisian Organization for Consumer Information (OTIC) has called for an urgent legislative initiative to guarantee Tunisian citizens, especially low-income families the right to access at least 30% of the country's national tourism capacity. This access would be provided at preferential, transparent and clearly defined prices and subject to oversight by independent bodies. The organization also proposed the creation of a 'permanent national mechanism for social tourism', aimed at mobilizing unused public resources and facilities during school holidays, such as dormitories, school and university canteens, youth and cultural centers, campgrounds, and sports complexes. These would serve to provide accommodation and activities for children, pupils, students, and youth within structured recreational, cultural, and educational programs. Furthermore, OTIC reiterated the need to include a special clause in the upcoming Finance Law to establish a dedicated public fund to support social and domestic tourism, along with tax incentives for tourism establishments that adopt this approach. OTIC emphasized that citizens' right to leisure and to discovering the geographical and cultural wealth of their country is a civic right and a fundamental pillar of belonging, citizenship, and balanced development. FTH: 38% of Hotel Guests Are Tunisians JalelEddineHenchiri, Vice President of the Tunisian Hotel Federation (FTH), highlighted the growing importance of domestic tourism and its key role in supporting the national economy and promoting regional development. Speaking on Midi Express, Henchiri noted that in 2024, Tunisian residents spent over 5 million hotel nights, accounting for 21% of total overnight stays, and 38% of hotel guests were Tunisians. He stressed that domestic tourism goes beyond traditional hotels and underscored the value of alternative tourism. Henchiri also called for greater diversification in tourism offerings for local citizens. The Ministry of Tourism is currently conducting a comprehensive study to develop an integrated vision for domestic tourism in Tunisia. This includes updating regulations and specifications for alternative tourist accommodations. Tunisia boasts major assets that can help turn new forms of tourism into a real engine for regional development while appealing to tourists interested in culture, nature, and authenticity. Thanks to its ecological diversity and rich cultural, archaeological, and culinary heritage, Tunisia holds enormous potential for sustainable tourism, a concept that has emerged globally as a response to the harmful effects of mass tourism.
Morocco World
17-06-2025
- Business
- Morocco World
Morocco's Tax Revenues Rise Sharply to Reach MAD 220 Billion in 2024
Rabat – Morocco's tax revenues reached record levels in 2024, with net collections amounting to over MAD 220.52 billion ($24.23 billion), according to the annual report released by the General Directorate of Taxes (DGI). The number represents a 16% increase compared to the previous year and a 111% achievement of the targets set by the 2024 Finance Law. Most of these taxes saw strong growth in 2024. Net revenues from corporate tax increased by 12.9%, while income tax revenues rose by 18.9%. VAT revenues surged by 23.8%, and registration duties were up by 7.2%. The report showed that the total net tax revenue was made up of several types of taxes in varying proportions. Corporate Tax (IS) accounted for the largest share at 33.7%, followed by Income Tax (IR) which represented 29.1%. Value-Added Tax (VAT) contributed 19.5%, while Registration and Stamp Duties made up 11.7%. Solidarity Contributions on profits and income added 3.4%, and Penalties and other taxes accounted for 2.3%. Other mandatory contributions managed by the DGI represented a smaller share of 0.3%. In gross terms, total tax revenues reached MAD 242.48 billion ($26.58 billion), marking a 16.1% rise from 2023 and surpassing the 2024 Finance Law target by 14.9%. The DGI also reported that refunds, tax reliefs, and reimbursements totaled nearly MAD 22 billion ($2.4 billion), an increase of 19.6% compared to 2023. The achievement rate for refunds reached 168.1% of what was planned under the Finance Law. The report noted that this performance was made possible by several reforms and the growing digitalization of tax services, which helped simplify procedures for taxpayers and improve transparency. Morocco has been working in recent years to modernize its tax system, reduce the informal economy, and ensure fair contributions from all sectors. Tags: 2024economyTAXtax revenues
Zawya
12-06-2025
- Business
- Zawya
Tunisia: Cabinet meeting reviews key directions for 2026 Finance Law and State Budget
Tunis – A Cabinet meeting was held on Wednesday at the Government Palace in Kasbah, chaired by Prime Minister Sara Zaafrani Zenzri, to review the main outlines of the 2026 Finance Law and State Budget. In her opening remarks, the Prime Minister emphasised that the 2026 Finance Law must embody a strategic vision, serving as a tool to implement public policies under the state's economic and social programme. This programme aims to balance economic growth and social justice, aligning with the 2026-2030 Development Plan, which will reflect the will of the people. According to a statement from the Prime Ministry, she stressed that national choices are the only way to meet people's expectations, particularly by revising a number of laws relating to taxation and social justice, and by reopening public sector recruitment to address unemployment. The Prime Minister underscored the need for a new approach in drafting the 2026 Finance Law, one that moves beyond temporary fixes and half-measures. Instead, it should reflect the state's vision which consists in strengthening the foundations of the social state, while ensuring fiscal justice and social equity, boosting purchasing power, balancing economic growth with social justice and increasing the rate of economic growth by stimulating investment and establishing an appropriate social and economic framework for the construction and building phase. She also highlighted that all state's economic policies must adhere to core principles, including preserving national sovereignty and independent decision-making, self-reliance. At the same time, the state must remain open to Tunisia's regional and international environment in order to support and consolidate national decisions regarding the social role of the state and the promotion of local, regional, and territorial development, she was quoted as saying in the same statement. The Cabinet meeting outlined the following priorities for the 2026 budget: - Strengthening the Social State through expanding support for vulnerable and low-income groups, while promoting economic empowerment mechanisms that benefit these groups in particular, in order to improve living conditions. - Developing the state's own resources by pursuing a policy of self-reliance, reducing tax evasion, integrating the informal economy, and diversifying sources of state budget financing, in line with a new vision. - Promoting employment, improving living standards and strengthening the social protection system, while valuing human capital. This can be achieved by developing social policies to promote social justice, adopting measures to maintain the purchasing power of vulnerable and middle-income groups and providing greater social support for vulnerable groups, as well as guidance and support for business start-ups. - Implementing measures to improve income, strengthen economic and social integration mechanisms, create jobs, provide decent working conditions, eliminate precarious employment, facilitate access to housing, strengthen social cohesion, improve all public services and develop the social security and coverage system. - Promoting investment within the framework of a comprehensive approach based on liberalising entrepreneurship and improving the business climate so that public investment drives private investment and raises the pace of economic growth. - Investing in regional development programmes based on constitutional principles will drive development in the regions. This approach will contribute to the formulation of regional priorities, starting with programme and project proposals at the local council level and progressing through the regional and district councils to the national level. On this basis, the development plan for the 2026–30 period will be prepared. Development-related expenditure is a key lever for stimulating economic growth and attracting private investment, particularly at regional and district levels. - Accelerating interconnectivity and making the digital transformation of the administration a tool for modernising the administration, ensuring transparency, facilitating transactions and opening up prospects for supporting the digital economy. During the Cabinet meeting, it was emphasised that this draft is based on a set of principles aimed at strengthening the pillars of the social state, maintaining financial balance, and improving the efficiency of public performance in various sectors. The most important basic principles include simplifying procedures for Tunisians abroad, supporting the financing of start-ups and communitarian enterprises and financing companies active in the green, blue and circular economy sectors.
Morocco World
01-05-2025
- Business
- Morocco World
Morocco Reports Budget Surplus of MAD 5.9 Billion for First Quarter 2025
Rabat — Morocco's General Treasury shows positive financial results as the country marks the first three months of 2025 with a budget surplus. The country's finances remain strong despite global economic challenges. Strong budget performance Morocco's General Treasury reported a positive budget balance of MAD 5.9 billion (about $590 million) at the end of March 2025. This surplus comes from ordinary resources of MAD 184.1 billion ($19.8 billion) against expenses of MAD 178.2 billion ($19.14 billion). When adding loan revenues of MAD 29.2 billion ($3.12 billion) and accounting for debt payments of MAD 12.1 billion ($1.29 billion), Morocco's budget shows an even larger surplus of MAD 23.1 billion ($2.47 billion). Government revenue sources The government's total resources reached MAD 213.4 billion ($22,91 billion) during the first quarter of 2025. This represents 32.4% of what was planned into the Finance Law for the entire year. Ordinary revenues make up the largest portion at 53.4% of total resources. Special treasury accounts contribute 32.6%, while medium and long-term loans account for 13.7%. Independently managed state services provide the remaining 0.3%. The Treasury also noted that at the end of December 2023, businesses were still waiting for 32.9 billion dirhams in VAT refunds and 4.7 billion dirhams in corporate tax returns. Expenditure breakdown Looking at the larger picture, total government spending reached MAD 190.3 billion ($20,45 billion), or 26.4% of what was planned for the year. Regular budget expenses formed the majority of spending at 54.2%. Special treasury account payments represented 24.6% of the total, while investment spending accounted for 14.7%. Debt payments make up the remaining 6.4% of government expenditures. Outlook for 2025 These figures suggest Morocco's government finances remain on a solid footing as the country moves through 2025. The first-quarter performance indicates effective financial management and gives the government flexibility to address national priorities for the remainder of the year. Tags: Budget surplusEnconomyMoroccoTGR
