Morocco's Tax Revenues Rise Sharply to Reach MAD 220 Billion in 2024
The number represents a 16% increase compared to the previous year and a 111% achievement of the targets set by the 2024 Finance Law.
Most of these taxes saw strong growth in 2024. Net revenues from corporate tax increased by 12.9%, while income tax revenues rose by 18.9%. VAT revenues surged by 23.8%, and registration duties were up by 7.2%.
The report showed that the total net tax revenue was made up of several types of taxes in varying proportions. Corporate Tax (IS) accounted for the largest share at 33.7%, followed by Income Tax (IR) which represented 29.1%.
Value-Added Tax (VAT) contributed 19.5%, while Registration and Stamp Duties made up 11.7%.
Solidarity Contributions on profits and income added 3.4%, and Penalties and other taxes accounted for 2.3%. Other mandatory contributions managed by the DGI represented a smaller share of 0.3%.
In gross terms, total tax revenues reached MAD 242.48 billion ($26.58 billion), marking a 16.1% rise from 2023 and surpassing the 2024 Finance Law target by 14.9%.
The DGI also reported that refunds, tax reliefs, and reimbursements totaled nearly MAD 22 billion ($2.4 billion), an increase of 19.6% compared to 2023. The achievement rate for refunds reached 168.1% of what was planned under the Finance Law.
The report noted that this performance was made possible by several reforms and the growing digitalization of tax services, which helped simplify procedures for taxpayers and improve transparency.
Morocco has been working in recent years to modernize its tax system, reduce the informal economy, and ensure fair contributions from all sectors. Tags: 2024economyTAXtax revenues
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