Moroccan Government Resorts to Incentives to Revive Economy
The Moroccan government has introduced new incentives in the revised draft budget law presented to parliament to revive the economy and overcome the recession caused by the coronavirus pandemic.
The incentives include a “temporary” 50 percent reduction in registration fees for housing acquisition.
It is applied to contracts signed from the date the amended Finance Law for 2020 is published in the Official Gazette until December 31.
The discount is given when the taxable base does not exceed one million dirhams ($100,000).
The amended budget bill also included an extension of the deadlines for tax settlements, in terms of assets deposited in banks or held in the form of bank notes, movables or residential real estate.
It was decided to extend the settlement from June 30 till December 15.
The bill also addressed money smuggling abroad, on which the government had previously taken measures to encourage their repatriation in exchange for a financial contribution to the state.
It included a new deadline for the repatriation of funds set for December 31, instead of October 31.
It was also decided to extend the deadlines for resolving bouncing check problems, which was set to be resolved on December 31, 2019.
The revised bill stipulates that bouncing checks made during the period between March 20 and June 30, 2020 would be resolved this year.
According to the draft law, the economic problems resulting from the pandemic have increased the number of bouncing checks to 117,096.
This represents 52 percent of checks with nonsufficient funds (NSF) announced since the beginning of 2020.