The Moroccan House of Representatives’ finance committee has amended the tax code to decrease notary fees for some contracts by 80 percent.
Rabat – The ministry delegate in charge of relations with the Parliament issued a statement on Thursday to announce an amendment that will “distinguish” the 2019 Finance Bill.
According to the statement, the revised version of Article 135 of the general tax code stipulates that “promise of sale” contracts concluded before notaries will cost MAD 200, instead of MAD 1000.
Individuals and businesses need notarized “promise of sale” contracts when buying and selling items of large value, such as real estate.
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The modified version of the Finance Bill, which includes Article 135 will be voted on in the House of Representatives before it is sent to the House of Councillors for deliberation.
The amendment is one of several changes in the 2019 Finance Bill. The finance committee adopted 56 amendments including an increase of domestic consumption taxes by 50 percent on soft and non-carbonated drinks.
The finance bill will also raise taxes on tobacco, specifically raising the prices on cigarette brands Marlboro and Marquise.
The House of Representatives is set to take a final vote of the Finance Bill on Friday, November 16, at a plenary meeting.
The government has approved a budget of MAD 443 billion for next year’s Finance Bill, aiming to achieve a growth rate of 3.2 percent in GDP.
Both upper and lower houses of Parliament have held debate sessions on the Finance Bill.
On Wednesday, the House of Representatives discussed the first part of the Finance Bill. Parliamentary committees also discussed sectoral budgets for each ministry.
Today, the House of Councillors will hold two plenary meetings to discuss the second part of the Finance Bill.