Rabat – The Finance and Economic Development Committee of Morocco’s House of Representatives approved on Thursday the 2023 Finance Bill in a second reading, with 23 members voting for and six voting against.
The vote concerned several modifications that had been applied to the bill by the House of Councillors, including an increase in the budget dedicated to transparency and anti-bribery programs.
The new finance bill also exempts newly-founded companies from income tax until the end of 2026. Individuals working for companies that were created between January 2015 and December 2022 could also benefit from tax exemptions for up to 24 months.
The 2023 Finance Bill also aims to address Morocco’s national healthcare system, boosting the economy by encouraging investment, and putting in place better tax collection.
Notably, the bill also tries to reduce socio-economic disparities in the country, raising the budget for education by around 10%.
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The bill comes at a sensitive time for Morocco’s economy.
Finding ways to lessen the burden on citizens will be crucial for Morocco’s government as the country emerges from the COVID-19 crisis, grapples with the fallout of geopolitical disruptions, and navigates an agricultural drop due to droughts.
A rise in the prices of fuel and food products throughout the year has caused disapproval of Prime Minister Aziz Akhannouch and his government, with calls for his resignation going viral on social media earlier this year.
