Page 33 - Profmark Africa Overview 2024

Morocco (GMT)

General:
▪ Capital City: Rabat
▪ Official Language: Arabic
▪ Currency: Moroccan Dirham (MAD)
▪ Main Exports: Phosphates, clothing, textiles, electrical parts, chemicals
▪ Surface Area: 446.6 sq. km (thousands)
▪ Population: 38,081 million (2024,est)
Key Economic Indicators:
▪ GDP: $141.1 billion (2023) / GDP Growth Rate: 3.2% (2023)
▪ CPI Inflation Rate (annual): 6.1% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: BB+
▪ Indicator of Economic Freedom Score: 56.8/100
Exchange Controls:
▪ Exist, but liberal
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Moroccan-source income
Tax Rates:
▪ Individuals: Progressive rates to 38% [the first MAD 30,000 of taxable income - 0%]
▪ Companies: 33%
▪ Inheritance and Donations Taxes: Taxable at varying rates
▪ VAT: 20%
▪ Withholding Tax: residents: N/A, non-residents: varying rates apply
▪ Capital Gains Tax (CGT): Capital gains are taxable at varying rates
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Central Bank of Morocco http://www.bkam.ma
▪ Revenue Authority of Morocco http://portail.tax.gov.ma
▪ Invest in Morocco http://www.invest.gov.ma

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