Latest news with #GeneralTreasury
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
Morocco World
12-03-2025
- Business
- Morocco World
Morocco's Budget Deficit Rises to MAD 21.1 Billion
Rabat – Morocco's Treasury recorded a dramatic increase in its budget deficit, reaching MAD 21.1 billion ($2.1 billion) by the end of February 2025, according to a recent report from the country's General Treasury (TGR). This marks a significant deterioration from the MAD 3.8 billion ($0.38 billion) deficit reported during the same period last year. The latest monthly bulletin of public finance statistics notes that this deficit factors in a positive balance of MAD 14.2 billion ($1.42 billion) from Special Treasury Accounts (CST) and autonomously managed state services (SEGMA). Meanwhile, gross ordinary revenues rose to MAD 56.6 billion ($5.55 billion), up 9.7% from the MAD 51.6 billion ($5.16 billion) recorded in February 2024. This increase stems primarily from a substantial 48.1% jump in direct taxes and a 7.1% rise in indirect taxes. Registration and stamp duties also increased by 2.8%. However, these gains were partially offset by a 6% decline in customs duties and a sharp 58.5% drop in non-tax revenues. On the expenditure side, ordinary expenses surged by 50.5%. This spike resulted from a 49.6% increase in goods and services spending, driven by a massive 130.2% rise in miscellaneous goods and services costs, despite a slight 0.8% decrease in personnel expenses. Debt interest charges grew by 37.2%, while tax refunds, relief, and restitutions skyrocketed by 363.4%. Compensation-related expenditures fell by MAD 500 million ($50 million). Based on collected revenues and issued expenses, Morocco recorded a negative ordinary balance of MAD 18.2 billion ($1.82 billion) by February 2025 – a stark contrast to the positive balance of MAD 1.9 billion ($0.19 billion) reported a year earlier. Total general budget expenditures reached MAD 96 billion ($9.6 billion) by February 2025, representing a 41.6% increase year-over-year. This growth reflects a 52.2% rise in operating expenses, a modest 1.3% increase in investment spending, and a substantial 73.9% jump in budgeted debt charges. Special Treasury Accounts recorded MAD 43.6 billion ($4.36 billion) in revenue, while their expenditures reached MAD 29.8 billion ($2.98 billion), resulting in a positive balance of MAD 13.8 billion ($1.38 billion). Tags: Budget deficitMorocco budget deficit
Morocco World
12-03-2025
- Business
- Morocco World
Customs Revenue Shows Modest Increase Through February
Rabat – Morocco's customs revenues have shown resilience in the early months of 2025, with net receipts reaching MAD 14.735 billion ($1.47 billion) by the end of February. According to the Kingdom's General Treasury ( TGR ), this represents a 1.3% increase compared to the same period last year. The report detailed that customs revenue is derived from three main sources: customs duties, Value Added Tax (VAT) on imports, and the Domestic Consumption Tax (TIC) on energy products. These figures account for tax refunds, relief, and restitutions of MAD 8 million ($0.8 billion) by the end of February this year, added the report. Meanwhile, gross customs revenues also showed positive momentum, reaching MAD 14.742 billion ($1.47 billion) by February's end, up 1.2% compared to the same period in 2024. Despite the overall increase, performance varied across revenue streams. Net customs duties declined by 5.9%, totaling MAD 2.632 billion ($0.26 billion) compared to MAD 2.797 ($0.27 billion) billion a year earlier. VAT on imports emerged as the strongest performer, with net receipts of MAD 9.243 billion ($0.92 billion), representing a 4.8% increase from MAD 8.822 billion ($0.88 billion) collected by February 2024. However, this category showed mixed results VAT on energy products decreased by 11.4%, while VAT on other products rose by 8.5%. The Domestic Consumption Tax on energy products experienced a slight decline, with net revenues falling 2.4% to MAD 2.86 billion ($0.28 billion) from MAD 2.929 billion ($0.92 billion) in the previous year. This calculation includes tax refunds and relief of MAD 4 million ($0.4 million), down from MAD 15 million ($1.5 million) in the comparable period. Gross TIC receipts for energy products similarly decreased by 2.7%, totaling MAD 2.864 billion ($0.28 billion) compared to MAD 2.944 billion ($0.29 billion) a year earlier. These figures suggest Morocco's customs system continues to generate steady revenue despite fluctuations in individual tax categories, with import VAT compensating for declines in other areas. Tags: custom revenuesEconomy in morocco
