Rabat - The government income reached MAD 222.7 billion in 2017, up 5.6 percent from MAD 210.8 billion at the end of December 2016, revealed the General Treasury of Morocco.
Rabat – The government income reached MAD 222.7 billion in 2017, up 5.6 percent from MAD 210.8 billion at the end of December 2016, revealed the General Treasury of Morocco.
According to the Treasury, the increase is tied to the rise in direct taxes by 8.1 percent, indirect taxes by 6.7 percent, and non-tax revenue by 1.5 percent, along with a reduction in customs duties by 5.1 percent and registration and stamp duties by 1 percent.
Tax revenues in 2017 reached MAD 200.5 billion, up 6.1 percent from MAD 189 billion at the end of December 2016. This shift is the result of an increase in customs revenue by 4.3 percent and domestic taxation by 6.9 percent.
Customs revenues, which include customs duties, import VAT and energy products, reached MAD 60.3 billion dirhams at the end of 2017, up 4.3 percent from MAD 57.8 billion dirhams a year earlier.
Meanwhile, revenue generated from customs duties in 2017 amounted to 8.6 billion dirhams, compared to MAD 9.1 billion dirhams a year earlier, a decrease of 5.1 percent or MAD -465 million.
The revenues created from Domestic Value Added Tax (VAT) on imports reached MAD 36 billion at the end of December 2017 against MAD 33.5 billion at the end of December 2016, registering an increase of 7.4 percent, or MAD +2.5 billion.
Similarly, VAT on energy products registered an increase of 20.1 percent or +1 billion.
In terms of domestic taxation, the government registered revenue amounting to MAD 128.6 billion at the end of December 2017, a 6.9 percent increase, to 120.2 billion at the end of December 2016.
Due to the increase of activity in the financial sector and oil companies, sugar companies, and telecommunications companies, income induced from corporation tax reached MAD 50 billion at the end of December 2017 against 43 MAD billion a year earlier, up 16.3 percent.
Income generated by the Interest Rates (IR) at the end of December 2017 recorded a 0.7 percent increase at MAD 39.3 billion, compared to 2016 revenues, which stood at MAD 39 billion.
However, IR revenue from real estate profits dropped by 5.6 percent, or -243 million dirhams, reaching MAD 4.089 million, compared to 2016 revenues of 4.332 million DH.
IR revenue collected by the Expenditure Department of Personnel (DDP) under the General Treasury also recorded a decrease, at 6.9 percent.
Domestic Value Added Tax made MAD 20.9 billion in 2017 against 19.3 billion a year earlier, an increase of 8.1 percent, or +1.6 billion.
Revenue from registration fees and stamps hit MAD 15.7 billion at the end of 2017, up from MAD 15.8 billion a year ago, a decrease of 1 percent.
Revenues generated from Income Investors reached MAD 8.2 billion dirhams at the end of December 2017 against MAD 8 billion at the end of December 2016, up 2.2 percent or MAD +175 million.
These revenues were mainly generated by the National Agency of Land Conservation (MAD 2.4 billion), Maroc Telecom (MAD 1.4 billion), OCP (MAD 1.3 billion), ONDA (MAD 600 million), Bank Al-Maghrib (MAD 556 million) and Marsa Morocco (MAD 299 million).