Rabat – According to the Kingdom’s General Treasury (TGR), net customs revenues amounted to over MAD 20 billion ($2 billion) in the first quarter of 2024, up by 1.8% on the same period a year earlier.
TGR’s most recent monthly bulletin of public finance statistics shows that these revenues come from customs duties, value-added tax (VAT) on imports, and domestic consumption tax (TIC) on energy products. They take into account tax refunds, rebates, and restitutions totaling MAD 28 million ($2.8 million) by the end of March.
In particular, net revenues from import VAT decreased by 0.6% to MAD 12.78 million ($1.2 million), while net revenues from customs charges increased by 7% to MAD 3.8 million ($380,000).
With tax refunds, rebates, and restitutions of MAD 22 million ($2.2 million) taken into account, net income from ICT on energy products increased by 5.1% to MAD 4.09 billion ($408 million).
Meanwhile, gross customs revenues reached MAD 20.7 billion ($2 billion), up by 1.9% compared with their level as of the end of March 2023.
By the end of February, the local authority budget execution revealed an overall surplus of MAD 2.21 billion, as opposed to that of MAD 2.36 billion the previous year.
TGR notes that this result includes a positive balance of MAD 15 million generated by the special accounts and corresponding budgets, and that the 2.21 MMDH surplus is meant to cover costs that will be incurred and paid for in 2024.
As of the end of February 2023, local authorities’ supplementary budgets and special accounts had a zero and a positive balance of MAD 15 million, respectively, while special accounts had a positive balance of MAD 58 million.
Read also: TGR: Morocco’s Customs Revenue Climbed by 24.9% in Late July 2022
