Morocco’s tax revenues rose 15% in 2025, outperforming government forecasts and helping the state finance higher social spending and public investment, minister in charge of the budget Fouzi Lekjaa said.
Speaking during a session on the execution of the 2025 budget law, Lekjaa said tax receipts increased to 43.8 billion dirhams last year, pushing the tax revenue performance rate to 107% of the target set in the budget.
Corporate tax led the surge, climbing 28.6% to 91.4 billion dirhams, up from 71.1 billion dirhams in 2024, reflecting stronger company results and the impact of recent fiscal reforms, he said.
Value-added tax revenues rose to 97.7 billion dirhams, compared with 89.3 billion a year earlier.
Income tax receipts increased 9.4% to 65.4 billion dirhams, despite the cost of an ongoing reform estimated at 8 billion dirhams, Lekjaa said.
Customs duties grew 12.9%, while excise taxes advanced 13.8% to 41.5 billion dirhams.
Overall ordinary revenues reached 424 billion dirhams, up 14.2% year-on-year, he said.
Between 2021 and 2025, Morocco’s tax revenues rose by 127 billion dirhams, representing an average annual increase of 12.4%, driven by restructuring measures and improved compliance.
Lekjaa said the stronger revenue base helped cover higher wage costs linked to social dialogue agreements, increased social protection spending, which grew to 37.7 billion dirhams from 32 billion and 17.7 billion dirhams in subsidies aimed at supporting purchasing power.
The government also allocated 4 billion dirhams to the national electricity and water utility and 5.5 billion dirhams to the livestock rebuilding program.
Despite higher spending, the budget deficit was contained at 3.5% of GDP, while public investment rose 6.7% to 125.3 billion dirhams with a 76% execution rate.
Treasury debt dipped to 67.2% of GDP, down from 67.7% in 2024.
Lekjaa said the deficit is expected to stabilize around 3% between 2026 and 2028, allowing debt to ease to 64% of GDP by 2028.
