+14.5%, 301.9 billion MAD in 11 months
Morocco’s Fiscal Revenue Exceeds 301.9 Billion Dirhams in 2025
Morocco’s fiscal revenues surpassed 301.9 billion dirhams (MMDH) in the first eleven months of 2025, reflecting a remarkable growth of 14.5% compared to the same period in 2024. According to the official document on the Situation of Treasury Charges and Resources (SCRT) published by the Ministry of Economy and Finance, these revenues achieved a realization rate of 94.3%.
The corporate tax (IS) experienced a record increase of 16.9 MMDH (+28.9%), driven primarily by a significant rise in the regularization supplement (+53.4%), which reached 20 MMDH, in addition to the growth in the first three installments (+10.7 MMDH). Corporate tax refunds rose from 2.2 to 3.4 MMDH.
Income tax (IR) also saw an increase of 14.6%, with a realization rate of 99.3%. This progress was notably bolstered by voluntary tax regularization (3.8 MMDH), actions from the tax administration (+2 MMDH), and income tax on the disposal of securities (+957 MDH).
Value-added tax (VAT) revenues grew by 7.8 MMDH (+7.8%), supported by VAT on imports (+4 MMDH) and domestic VAT (+3.8 MMDH). VAT refunds (excluding CT) reached 13.7 MMDH, compared to 12.9 MMDH in 2024.
Domestic consumption taxes (TIC) posted a realization rate of 99.6% with an increase of 4.2 MMDH, particularly on energy products (+2.8 MMDH) and tobacco (+1 MMDH). This increase follows the removal of TIC exemptions on certain fuels used for electricity generation and the reassessment of rates in the 2025 Finance Law.
Customs duties, on the other hand, fell by 910 MDH, with a realization rate of 72.8%. This decline was a result of the removal of import duties on cattle and sheep in 2025.
Finally, registration and stamp duties rose by 2 MMDH, achieving a realization rate of 97%. This growth was supported by increased registration fees (+11.2%) and stamp duties (+17.3%).
The SCRT adopts an approach that aligns with international standards for public finance statistics, detailing economic flows associated with ordinary revenues, investment expenditures, deficits, and funding mechanisms mobilized by the Treasury.
