Corporate Tax Revenues Surge 30% as Morocco Exceeds Budget Projections

Morocco’s corporate tax collections reached 72.23 billion dirhams through September 2025, marking a substantial 30.9% increase from 55.17 billion dirhams in the same period last year, according to Treasury data published by the Finance Ministry.
The September figures represent 98.9% of the full-year target set in the 2025 Finance Law, indicating annual projections will likely be exceeded. This performance continues a trajectory that saw corporate tax revenues climb from an average of 45 billion dirhams between 2014-2019 to 60.8 billion dirhams in 2022, then 70.3 billion dirhams in 2024.
The 2025 Finance Law projected 73 billion dirhams in corporate tax revenue, while the 2026 budget bill forecasts a quantum leap to 94.5 billion dirhams, bringing the tax’s share of GDP to an unprecedented 5.2%.
The exceptional growth stems primarily from a 53.7% increase in regularization supplements, which reached a record 19.8 billion dirhams—an additional 6.9 billion dirhams compared to the previous year. The first three quarterly advance payments also improved significantly, rising by a combined 10.6 billion dirhams.
Tax reimbursements increased from 2 billion dirhams through September 2024 to 3.3 billion dirhams in 2025, reflecting expanded taxable activity across the economy.
Corporate tax now comprises 28% of total fiscal revenues, up from 25% in September 2024, positioning it alongside value-added tax as one of the most dynamic public finance levers. This evolution confirms corporate taxation’s decisive contribution to public policy funding and budget consolidation.
Multiple factors drive this performance, including renewed economic activity vigor, improved corporate profitability across key sectors, effective fiscal reforms that broadened the tax base and modernized collection mechanisms, and increased operator confidence reflected in higher regularizations and advance payments.
The corporate tax trajectory from post-COVID recovery to 2025’s record performance signals a more robust, integrated economy while providing the state expanded budgetary flexibility to support national priorities and sustain growth in coming years.