Moroccan Taxes
From International Business Wiki
In Morocco, as in every country, there are taxes that have to be paid. These include corporate taxes, income taxes, and import taxes.
For resident companies the corporate income tax rate is 35%, and the same percentage applies to capital gains. Non-resident companies in the country can opt for an alternative reduced rate of 8% (under certain circumstances).
In 1989 adopted a General Income Tax. This tax has a progressive rate that varies from 0-44%.
The brackets are as follows:
- 0-18,000 MAD (Moroccan Dirham) = 0%
- 18,001-24,000 MAD = 13%
- 24,001-36,000 MAD = 21%
- 36,001-60,000 MAD = 35%
- above 60,000 MAD = 44%*
Tax deductions and allowances in vary from region to region. There is a standard rate of 20% Value Added Tax (VAT), but there are also reduced rates according to which products and services are affected.
Some other important taxes that Morocco has include the registration duty, stamp duty, tax on insurance contracts, tax on professional training, tax on undeveloped urban land, and an urban tax*.
Taxes on imports in vary with different types of products. The duties range from 2.5%-60%. These rates were put in place in order to allow certain domestic industries to flourish and advance by reducing the amount of nonessential goods that are brought into the country. For example an import tax of 2.5%-10% is placed on equipment and machinery, and a 349% import tax has been placed on frozen lamb meat**. Rates on finished products are usually significantly higher than the rates that are placed on raw materials. has had no export tax since 1971, and there is no import tariff applied within the , which is a free zone.
[edit] References
- http://fita.org/countries/morocco.html
- http://www.nationsencyclopedia.com/Africa/Morocco-CUSTOMS-AND-DUTIES.html
