by Lorys Charalambous, Tax-News.com, Cyprus
Determined to improve fiscal transparency, a priority of Morocco’s new government, the Moroccan economy and finance ministry has recently launched the ‘Citizen’s Budget’, and has published in Arabic a Moroccan citizen’s guide to the country’s 2012 finance law.
According to the Moroccan ministry, “considerable efforts” have been made to comply with international standards on transparency to enable the country to improve its rankings on the Open Budget Index, notably by preparing for the first time the citizen’s budget.
The ministry notes that in order to perpetuate the initiative, which marks a first step towards strengthening the citizen’s right to information, the measure is to be provided for within the framework of the bill pertaining to the country’s finance laws, due to be adopted shortly.
Morocco’s 2012 finance bill was adopted last month by the Chamber of Representatives. The bill was passed by 166 votes to 49, with 15 abstentions.
Drawn up “within a context marked by constitutional reform”, the bill is centred around three key axes, notably consolidating state law, strengthening the bases for strong and sustainable growth, and guaranteeing fair access to basic services and equipment.
The 2012 finance bill provides for a rise in the tax on both alcohol and cigars, and for an extension of the exemption from customs duty applicable to the importation of durum wheat, from May 1 to December 31.
According to the finance ministry, the parliamentary examination of the bill was marked by a fierce debate between the majority and the opposition parties regarding the government’s ability to respond to a difficult economic climate and to certain economic and social expectations.
The debate focussed on increasing purchasing power, on the revision of taxation, on extending the tax base, on combating fraud, and improving the climate of transparency.
Morocco’s 2012 finance bill is based on gross domestic product growth of 4.2% and on a rate of inflation of 2.5%.
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Tags: tax | law | gross domestic product (GDP) | inflation | budget | Morocco | tax reform | standards
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