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Morocco

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About

Morocco

Capital
Official languages
Population 
Currency

ISO 4217

Rabat

Arabic and Berber

36,910,560 (as of July 2020)

Moroccan Dirham

MAD

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Economy

Morocco has a strong and growing economy, with a GDP of $122.3 billion in 2019. This is a 4.2% increase from 2018, and the country is expected to continue to grow in the coming years. The country has a diversified economy, with the services sector accounting for the largest share of GDP at 54.2%, followed by industry at 33.2%, and agriculture at 12.6%. The unemployment rate in Morocco is 8.7%, which is lower than the regional average of 10.2%. The country has a strong export market, with exports totaling $25.3 billion in 2019. The main exports are phosphates, textiles, and agricultural products. Morocco also has a strong tourism sector, with over 13 million tourists visiting the country in 2019. The country has a strong infrastructure, with a modern road network and a well-developed telecommunications system. Overall, Morocco has a strong and growing economy, with a diversified base and a strong export market.

Taxation

In Morocco, both individuals and companies are subject to taxation. The tax system in Morocco is based on a territorial principle, which means that individuals and companies are only taxed on their income derived from sources within Morocco.


For individuals, the personal income tax rates in Morocco range from 0% to 38%. The tax rate depends on the level of income earned by the individual. The tax year for individuals runs from January 1 to December 31. The tax returns for individuals are usually due on March 31 of the following year.


For companies, the corporate tax rate in Morocco is a flat rate of 30%. However, certain industries such as agriculture and fishing are subject to a reduced tax rate of 17.5%. The tax year for companies in Morocco is the same as the calendar year (January 1 to December 31). The tax returns for companies are due by April 30 of the following year.


In addition to personal income tax and corporate tax, there are other taxes in Morocco such as value-added tax (VAT), social security contributions, and local taxes. VAT is a tax on the sale of goods and services and the standard rate is 20%. Social security contributions are mandatory for both employees and employers and are based on a percentage of the employee's salary.


Taxpayers in Morocco are required to file their tax returns and pay their taxes on time. Failure to do so may result in penalties and interest charges. The tax authorities in Morocco have implemented an online system for tax payments and filings, which makes the process more convenient for taxpayers.

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