Morocco’s Fiscal Revenues in 2024: A 14.3% Increase Reaching 300 Billion Dirhams
Morocco’s tax revenues exceeded 300 billion dirhams (MAD) in 2024, marking an increase of 14.3% compared to the previous year, according to the Ministry of Economy and Finance. Recent data presented in the Treasury’s Situation of Charges and Resources document (SCRT) indicates that these revenues achieved a realization rate of 110.8% relative to the projections outlined in the 2024 finance law.
Tax refunds, reductions, and reimbursements, including the portion allocated to local authorities, amounted to 23.2 billion MAD.
This exceptional performance in tax revenues is the result of the ongoing implementation of the framework tax reform law, which includes measures aimed at broadening the tax base, strengthening equity, and improving oversight. Notable measures include the introduction of withholding tax for certain taxes, self-liquidation of VAT, the gradual extension of this tax, and the rationalization of tax incentives. Additionally, the voluntary tax regularization mechanism established by the 2024 finance law and the enhancement of tax controls have also contributed to this positive trend.
Analysis by Type of Tax
Corporate tax (IS) delivered remarkable results, achieving a realization rate of 117.4% with a growth of 13.5%, totaling 70.3 billion MAD. This upward trend is attributed to increases in revenues from supplementary adjustments (+2.2 billion MAD), advances (+4.7 billion MAD), and actions taken by the tax administration (+0.7 billion MAD).
Meanwhile, income tax (IR) saw an increase of 9.5 billion MAD, with a realization rate of 114%, primarily due to higher revenues related to income tax on salaries (+2.4 billion MAD) and real estate profits (+0.6 billion MAD), as well as income tax withheld at source on securities sales and interest from fixed-income investments (+1.6 billion MAD).
VAT recorded a significant increase of 12.4 billion MAD, supported by revenues from imports (+6.3 billion MAD) and domestic consumption (+6.1 billion MAD), indicating a rebound in consumer spending and the positive impact of the reforms introduced by the 2024 finance law.
Excise taxes (TIC) also saw a rise of 3.7 billion MAD, achieving a realization rate of 114.1%. This growth is primarily due to increases in TIC on energy products (+1.9 billion MAD), tobacco (+1.1 billion MAD), and other goods (+0.7 billion MAD).
Furthermore, customs duties reached a realization rate of 113.3%, with an increase of 1.4 billion MAD, while revenues from registration and stamp duties rose by 1.5 billion MAD, achieving a realization rate of 111.6%.
The Ministry of Economy and Finance highlights that the SCRT document provides a comprehensive overview of the execution of budgetary forecasts and comparative results relative to the previous year, adhering to international standards for public finance statistics.
