Taxes and Accounting in Morocco

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Accounting Rules

Tax Year
The tax year begins on January 1 and ends on December 31 of the same year.
Accounting Standards
Moroccan companies are obliged to progressively adopt IFRS international standards.
Accounting Regulation Bodies
National Council of Accounting
Accounting Reports
The structure of accounts in Morocco is drawn on the French model.
Subject to provisions envisaged in articles 19,20,21, the people subject to this law must establish annual summary reports, at the end of the financial year, based on accounting and inventory records drawn in the daybook, the general ledger and the inventory book.

These summary reports include:
- the balance sheet,
- the incomes and expenses account,
- the management sales report,
- the funds flow statement,
- the additional information report.
They form an integral whole.

Publication Requirements
The balance sheet describes separately the asset and liabilities items of the business.
The income and expense account summarises the incomes and expenses of the financial year without considering their date of cashing or payment.
The management balances report describes the formation of the net income and that of self-financing.
The funds flow statement highlights the financial growth of the company during the financial year by describing the resources provided and jobs provided from it.
The additional details report supplements and comments on information provided by the balance sheet, the income and expense account, the management balances report and the funds flow statement.

Account should be certified annually.

Professional Accountancy Bodies
Public Accountants Corporation
Moroccan Association of Internal Auditor Consultants
Association of Chartered Accountants
Certification and Auditing
The status of the auditor has been redefined by the companies law of 1999.
Audit is obligatory for public limited companies, listed companies, banks and private limited companies with annual turnover higher than 50 million MAD. In Morocco, company audit must be done by a government auditor appointed during the annual general meeting, in the case of a public limited company. The government auditor must belong necessarily to the Public Accountants Corporation.
For some companies - listed, public, banking, credit institute companies, etc - audit must be done by two government auditors.
Accounting News
Morocco Accounting
Order of the Chartered Accountants

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Tax Rates

Consumption Taxes

Nature of the Tax
Value Added Tax (VAT)
Tax Rate
Reduced Tax Rate
There are three reduced rates of 7%, 10% and 14% according to the products and services concerned.
Basic food products, books and newspapers, certain loans and financial instruments are exempt from VAT.
Other Consumption Taxes
Domestic consumption taxes on alcohol, tobacco, sugar, oil products etc.
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Corporate Taxes

Company Tax
Tax Rate For Foreign Companies
VAT refund for nonresidents is possible under certain conditions. Access the Ministry of Economy and Finance website on fiscal issues.
Capital Gains Taxation
Long term capital gains are taxed in Morocco at the rate of 30%.
Main Allowable Deductions and Tax Credit
There are many deduction possibilities. For more information go to Invest in Morocco website Investments Management.
Other Corporate Taxes
A 6% registration duty and a 1% real estate tax is levied at the time a real estate is purchased.
A 3% registration duty is imposed on the sale of shares  in non-listed companies.

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Individual Taxes

Tax Rate

Income is taxed at progressive rates. From 0 to 38%
up to MAD 30,000 0%
from MAD 30,001 to 50,000 10%
from MAD 50,001 to 60,000 20%
from MAD 60,001 to 80,000 30%
from MAD 80,001 to 180,000 34%
above 180,000 38%
Allowable Deductions and Tax Credit
There are several types of deductions assigned to taxables in Morocco. To know the nature of all the deductions, consult the tax authorities of each region or of the central government.
Special Expatriate Tax Regime
No special provisions.
However, Morocco has signed a non-double taxation agreement with the majority of the countries.

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Double Taxation Treaties

Countries With Whom a Double Taxation Treaty Have Been Signed
See the list of agreements signed
Withholding Taxes
Dividends: 10%, Interest: 10%, Royalties: 10%. All rates may be reduced in the case of a tax treaty with Morocco.

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Sources of Fiscal Information

Tax Authorities
Inland Revenue
Other Domestic Resources
Tax Code

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Intellectual Property

National Organizations
L' OMPIC (Moroccan Office of Industrial and Commercial Property) handles the registration of industrial patents, drawings and models and brands in Morocco. Consult also the Moroccan office of copyright.
Regional Organizations
International Membership
Member of the WIPO (World Intellectual Property Organization)
Signatory to the Paris Convention For the Protection of Intellectual Property

National Regulation and International Agreements

Type of property and law Validity International Agreements Signed
Law no. 17/97 relating to the protection of industrial property
20 years
Law no. 17/97 relating to the protection of industrial property
10 years as from the date of registration, renewable indefinitely for identical periods. Nice agreement
Law no. 17/97 relating to the protection of industrial property
5 years as from the date of registration, renewable indefinitely for two new consecutive periods of 5 years.  
Law no. 2/00 relating to copyrights and performing rights
During the author's lifetime and 50 years after his death WIPO Copyright Treaty
Industrial Models
Law no. 17/97 relating to the protection of industrial property
5 years as from the date of registration, renewable indefinitely for two new consecutive periods of 5 years.  

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Legal Framework

The Language of Justice
Arabic is the legal language, but French is often used in businesses as well as in governement milieus.
Recourse to an Interpreter
Sources of the Law and Legal Similarities
The main source of the law is the constitution of 1972 (revised in 1992 and 1996). The legal system is based on the Islamic law as well as on the French and Spanish civil law systems.
Checking National Laws Online
Public law
African law
Bassamat & associate
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National Standards Organizations
National Service of Standardisation of Moroccan Industry
Integration in the International Standards Network
 Member of International Organisation for Standardisation (ISO).
Classification of Standards
For standards of national origin: NM + business sector + sub-sector + index of classification - then possibly the year
For standards depicting international standards: NM + ISO + the ISO standard number - then possibly the year
Online Consultation of Standards
Online Standards, the SNIMAc catalog
Certification Organizations
National Service of Standardisation of Moroccan Industry

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Business Practices

General Information
Opening Hours and Days
Banks: 8:15 to 11:30 and from 14:15 to 17:30
Public bodies: from 8:30 to 16:00 continuous
Businesses: from 9:00 to 12:00 and from 15:00 to 20:00 from Monday to Saturday.
On Friday, all institutions are closed from 11:00 to 15:00.

Public Holidays

Manifesto of Independence January 11
Labour Day May 1
National holiday May 23
Feast of the Throne July 30
Oued Ed-Dahab Allegiance day August 14
The King and the People's Revolution day August 20
Youth day August 21
Anniversary of the Green March November 6
Independence day November 18
Faith Mouharram Mouharram 1 (variable)
End of Ramadan celebration Chawal 1(variable)
Feast of the Sacrifice Doul hijja 10 (variable)
Prophet Mohammed's birth anniversary Rabii el awwal 12 (variable)

Periods When Companies Usually Close

Summer vacations August start

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