2024-04-29 03:15:57
This note reviews, in detail, the specific measures concerning value added tax (VAT), corporate tax (IS), income tax (IR), registration fees, as well as on the common measures introduced by LF-2024.
As indicated in the preamble, this year’s finance law establishes the continued implementation of framework law No. 69-19 on tax reform.
Thus, the LF-2024 introduced the VAT reform, according to a progressive approach over a period of three years (2024, 2025 and 2026), in order to ensure the visibility and stability of our tax system, indicates the same source , adding that the VAT reform aims to support purchasing power, ensure economic neutrality and promote tax fairness.
LF-2024 also includes measures to combat tax fraud and integrate the informal sector, such as improving the examination of the tax situation of individuals, removing the abuse of rights commission and the introduction of the right to make mistakes to correct errors in tax declarations. The circular note presents these tax measures by type of tax.
It also highlights measures aimed at integrating the informal sector and rationalizing tax incentives, notably through the establishment of new reverse charge and VAT withholding regimes.
Measures to harmonize and clarify tax base rules are also planned, such as the clarification of tax regimes for rentals of buildings and the review of sanctions in the event of non-compliance with reporting deadlines.
With regard to corporate tax, the LF clarifies the rate applicable when net profit exceeds one hundred million dirhams, while adjustments are made to the methods of taxation of profits from movable capital.
Changes are also made to registration fees, in particular the alignment of rates for cooperatives and associations allocating premises or land to their members.
In addition, the note reveals that the common measures include the consecration of the exemption of the Mohammed VI Foundation of Sciences and Health, the institution of the “right to make mistakes” for taxpayers, the abolition of the advisory commission of recourse for abuse of rights, and the revision of the procedure for examining the tax situation of individuals.
2024-04-29 03:15:57