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Casablanca – Morocco’s net customs revenue amounted to roughly MAD 49 billion ($4.7 billion) in the first seven months of this year, a 24.9% increase over the same period last year, according to Morocco’s General Treasury (TGR).
These revenues, which comprise customs duties, value-added tax (VAT) on imports, and domestic consumption tax (TIC) on energy items, include MAD 173 million ($16.8 million) in tax returns, rebates, and refunds, the TGR’s monthly report noted.
As a result, the net revenue from customs taxes reached MAD 7.9 billion ($768 million), a 23.4% increase compared to the end of July 2021, the report added.
Net revenues from VAT on imports climbed by 33.9% to MAD 31.5 billion ($3 billion). While consumption taxes on energy goods increased by 2.8% to MAD 9.5 billion ($918 million), after accounting for refunds, rebates, and tax refunds.
For their part, the gross customs income climbed by 25.2% to MAD 49 million ($4.7 million).
Read also: Starting July 1, Morocco Will Impose New Import Tariffs on All Online Purchases
With the new customs restrictions, the Moroccan customs revenues continue to increase.
The North African country’s net customs income exceeded MAD 70.9 billion ($7.58 billion) in 2021, an increase of 23.8% over 2020, according to the TGR’s last year’s report.
Last year, net revenues from customs rights increased by 26.4% to MAD 11.8 billion ($1.3 billion), the TGR noted.
Meanwhile, the report added that the net profit from import VAT increased by 24.6% to MAD 42.4 billion ($4.5 billion).
As for the net revenues of domestic consumption tax related to energy products, it exceeded MAD 16.7 billion ($1.8 billion), climbing by 20.1% compared to December 2020, the report concluded.
