Moroccan State Revenues Exceed 261 Billion Dirhams, Driven by Taxation

Morocco’s State Ordinary Revenues Continue to Rise in Early 2026

The ordinary revenues of the Moroccan state continued to progress during the first seven months of 2026, primarily supported by improved tax receipts and increased customs revenues, despite a significant decline in non-tax revenues.

According to the monthly bulletin from the General Treasury of the Kingdom (TGR), which focuses on public finance statistics as of the end of July 2026, the ordinary revenues of the state amounted to approximately 261 billion dirhams, reflecting an increase of 8.3% compared to the same period in 2025.

This growth can be attributed, among other factors, to a 13.3% increase in customs duties and a 12.8% rise in domestic taxes, while non-tax revenues fell by 23.2%.

Despite this upward trend, the execution rate of revenues compared to forecasts declined to 62.2%, down from 65.6% during the same period the previous year.

Tax receipts have been the main driver of growth in state resources, reaching 237.1 billion dirhams, compared to 209.9 billion dirhams at the end of July 2025, marking an annual increase of 12.9%.

Corporate tax played a particularly significant role in this performance, with revenues increasing by 21.8%. Meanwhile, income tax revenues saw a modest growth of 2%.

Additionally, domestic VAT recorded an increase of 11.1%, while registration and stamp duties rose by 14.1%.

Customs revenues also continued their upward trend, totaling approximately 73.06 billion dirhams by the end of July 2026, compared to 64.48 billion dirhams a year earlier—a 13.3% increase.

This growth is primarily linked to a 14.1% increase in custom duties, along with a 12.7% rise in import VAT.

Revenues from the domestic consumption tax on manufactured tobacco products also grew by 15.4%, further bolstering tax receipts related to imports and consumption.

Conversely, non-tax revenues continued to decline, with a 23.2% drop, equivalent to a decrease of approximately 7.22 billion dirhams.

This reduction can largely be attributed to a decrease in transfers from special Treasury accounts to the general budget, which fell from around 14.47 billion dirhams during the same period in 2025 to nearly 10.69 billion dirhams by the end of July 2026.

Revenues linked to debt expense relief also saw a stark decline, plummeting from approximately 3.08 billion dirhams to just 198 million dirhams.

On the other hand, revenues from monopolies and participations recorded a slight increase, reaching about 9.48 billion dirhams, compared to 9.35 billion dirhams a year earlier.

These results underscore the significant role of tax revenues in Morocco’s state resources. The growth in taxes and customs revenues has thus helped sustain public revenues during the first seven months of 2026, despite declines in various elements of non-tax revenues.