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Morocco Publishes Draft Finance Law for 2021

Morocco's Ministry of Finance has published the draft Finance Law for 2021, which was approved by the government and submitted in parliament in October. Some of the main measures of the law are summarized as follows:

  • New social solidarity contribution requirements are introduced for the year 2021, including:
    • a 2.5% contribution for companies with annual net profits of MAD 5 million to 40 million and a 3.5% rate for companies with annual net profits exceeding 40 million
    • a 1.5% contribution for individuals with annual income exceeding MAD 120,000;
    • a provision that the social solidarity contributions are not deductible; and
    • certain exclusions from the contribution, including for companies that are exempt from corporate tax, companies under the Industrial Acceleration Zones regime, and companies under the Casablanca Finance City regime;
  • The Casablanca Finance City (CFC) regime is amended such that financial companies, credit institutions, insurance and reinsurance companies, and insurance and reinsurance brokerage companies are excluded from CFC benefits
  • A single professional contribution is introduced for individuals previously subject to flat-rate profit schemes, which includes a fixed 10% rate plus an annual contribution of between MAD 1,200 and MAD 14,400.
  • An income tax exemption is introduced on the salaries of newly hired employees under the age of 30 for the first two years of a permanent employment contract;
  • A corporate tax exemption is introduced on the sale of shares in public establishments and enterprises and their subsidiaries when transferred to the private sector.
  • New VAT exemptions with the right to deduct input tax are introduced, including for military machinery, equipment, and materials, and for the transfer of assets to qualifying renewable energy installations; and
  • New rules on the electronic submission of the Master file and Local file transfer pricing documentation are provided, including that the documentation must be submitted during an audit (or within 30 days of request) by companies carrying out transactions with related companies outside Morocco, where:
    • the company's turnover is greater than or equal to MAD 50 million; or
    • the company's total gross assets in the balance sheet at the end of the financial year concerned is greater than or equal to MAD 50 million.

Subject to approval, the measures of the Finance Law will generally apply from 1 January 2021.

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