Morocco Could Leave EU’s Tax Haven Grey List in 2020

Morocco was maintained in the EU’s tax haven grey list but could soon leave it this year as it implements reforms to conform to EU standards.

The grey list includes countries which are given time to reform their tax regimes and improve fiscal transparency.

Morocco could leave that list pending on the results of an OCDE review of the reform of the tax system of Casablanca Finance City.

Morocco’s 2020 budget provides for a series of measures to fight tax fraud and evasion and encourage the repatriation of assets held abroad.

Morocco has also shown willingness to comply with tax standards alongside the EU.

Morocco sidestepped being listed in the EU’s tax haven black list in March 2019 after promising reforms.

Blacklisted countries face difficulties accessing EU funding programs, while European companies doing business in those jurisdictions have to take additional compliance measures.