Moroccan treasury gains $600 mln thanks to tax amnesty

Morocco’s treasury has gained an additional 600 million dollars (6 billion dirhams) following a tax amnesty program that expired on Dec 31, 2024.

At least 127 billion dirhams ($12.7 billion) has been injected in the Moroccan banking system thanks to the tax amnesty, which allowed cash-holders to pay a reduced 5% tax on their deposits, government spokesman said.

The pre-dominance of cash has often been a salient issue in Morocco’s economy, contributing to the growth of the informal sector and promoting tax evasion.

The newly injected cash will be conducive to help banks finance the Moroccan economy and offer the treasury additional resources to reduce the deficit in line with the government’s 2025 target of 3.5% of GDP.

Those holding undeclared assets abroad had to pay a preferential tax of 10% during the amnesty program.