The House of Representatives adopted Morocco’s full 2019 Finance Bill in a plenary meeting today.
Rabat – In the lower house, 189 MPs voted for the Finance Bill, while 93 rejected it.
The 2019 Finance Bill expects the economy to grow at 3.2 percent and an inflation rate of less than 2 percent.
According to Maghreb Arab Press (MAP), the Finance Bill also plans to ensure stability of the financial equilibrium by maintaining a deficit of 3.3 percent.
The government made the MAD 443 billion 2019 Finance Bill, Law 18.80, public in October. It took the House of Representatives 15 days to conduct a final vote, delayed by several debates on its provisions.
Throughout the 15-day delay, the ministry delegate in charge of relations with the Parliament issued statements announcing amendments on the bill’s provisions. On November 11, the finance committee at the House of Representatives adopted 56 amendments and withdrew 72 of 224 total amendments.
The amendments include 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.
On Thursday, the ministry also announced an amendment of Article 135 of the general tax code stipulating that “promise of sale” contracts concluded before notaries will cost MAD 200, instead of MAD 1,000.
The ministry also speculated that the amendment will “distinguish” the 2019 Finance Bill.