Rabat – Moroccan head of government, Aziz Akhannouch, announced yesterday during a monthly presentation before the parliamentary chamber of representatives that the Moroccan government is committed to refunding the sum Value-Added Tax (VAT) it had collected for the fiscal year 2021.
According to Akhannouch’s statement, Morocco’s General Tax Department (DGI) is to restitute MAD 13 billion ($1,4 billion) in tax money to Very Small, Small, and Medium-Size Businesses (SMEs) by April 2022.
The move, applauded by business owners, will allow businesses to refinance and resist delayed-COVID-19 economic crisis, according to Morocco’s head of government.
Morocco’s General Tax Department had previously announced that it would return over MAD 1 billion ($108 million) in VAT for essentially SMEs by December 2021.
The pro-business decision is in line with the recommendations of Morocco’s New Development Model, aiming to boost employability and promote business innovation.
This announcement comes at a time when Morocco is vigorously climbing the ladder of top business destinations worldwide.
The latest report by the British Legum Institute, published earlier this month, indicates that Morocco’s pro-business policies have helped the North African country climb to the top 73 list of the best business environments worldwide.
In a global ranking of countries with the best conditions for investments and entrepreneurship, Morocco rose by 25 ranks in the span of one decade, reaching 73rd place in the 2021 ranking.
Morocco’s investment environment has significantly improved as well, climbing up the global ranking by 15 places over the past decade to reach the 64th position in 2021.
Recently, Morocco launched a worldwide marketing campaign “Morocco Now,” with the aim of attracting foreign investments by showcasing Morocco’s advanced infrastructure and human capital.
