Lowtax.net
by Lorys Charalambous, Tax-News.com, Cyprus
Moroccan Finance Minister Nizar Baraka has recently confirmed government plans to address the reform of the country’s tax system within the framework of a tax conference due to take place in February 2013.
Underscoring that the structural reform of both the Moroccan tax system and the country’s pension regime can no longer be delayed, and highlighting the fact that plans to accelerate implementation of these reforms are among the government’s top priorities, Baraka revealed that although certain progress has been made, much work remains to be done.
Alluding to the planned tax reform, the minister emphasized that the Moroccan tax system must support both growth and the development of the economy. The reform is intended to ensure that the system serves the needs in future of both citizens and businesses in Morocco, the minister added.
It is vital to boost growth, investment, and business, to make the tax system fairer and to improve relations between the taxpayer and the tax administration, Baraka stressed.
Emphasizing the importance of supporting small- and medium-sized companies (SMEs) in Morocco, Baraka explained that the government intends to reduce the fiscal burden on these enterprises and to assist sectors currently experiencing difficulties, notably the country’s tourism industry.
As regards the agricultural sector, the minister announced plans to extend the tax exemption currently benefiting the sector until the end of 2013. The specific taxation of the agricultural sector will be discussed during the upcoming tax conference, the minister revealed.
Last month, Moroccan Minister of General Affairs Najib Boulif announced that the government is currently preparing proposals to reform the value-added tax and corporate tax regimes, to eliminate existing distortions and inefficiencies. The personal income tax system is to remain mostly unchanged.
The Moroccan government aims to reduce the deficit to 4.8% next year, from 6.1% in 2011.
Tags: tax | business | corporation tax | value added tax (VAT) |Morocco | tax reform
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