The European Union (EU) announced removing Morocco from its “grey” list of tax havens.
The decision recognizes Morocco’s efforts to comply with international tax governance standards.
A spokesperson for the EU confirmed the news to Morocco’s state media.
The unnamed spokesperson said Morocco complies with all international standards, allowing it to be included in the restricted and coveted club of countries that have demonstrated positive developments in their tax practices.
“Since 2018, Morocco has engaged in actions aimed at ensuring the compliance of its tax system with the global principles of transparency and fair taxation as included in the criteria of the EU list,” the spokesperson said.
The EU official also recalled Morocco’s reforms, especially the recent amendments to the tax regime of Casablanca Finance City to make it in line with the principles of fair tax competition.
Morocco has also reformed, in line with EU standards, two preferential tax regimes relating to free zones and export companies.