Morocco-Finance Law 2023

Morocco-Finance Law 2023

The Moroccan government has published the Finance Bill 2023 on 23 December 2022. The most notable changes concerning personal income tax are set out below. The changes have been approved by government and has been published in the official newspaper.

  1. Professional expenses deduction : increasing the rate of deduction of expenses inherent to the function or employment from 20% to 25% for gross annual incomes exceeding MAD 78,000; with an increase in the ceiling of deduction from MAD 30,000 to MAD 35,000, and from 20% to 35% for gross annual incomes less than or equal to MAD 78,000; 
  2. Pension and life annuities : increasing the rate of the fixed allowance applicable to pensions and life annuities from 60% to 70% on the gross taxable amount of the said income not exceeding MAD 168,000.
  3. As from 1 January 2023, the salary income of employees working on behalf of companies with the status of "Casablanca Finance City" be subject to the ordinary income tax law.

The above changes are effective from January 2023 and will be made available on the system soon.

 



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