According to the latest update by the EU, which dates back to 10 October, Morocco is still on the list of tax havens. To get out, several projects are to be completed.
Morocco wants to get out of the list of tax havens. To this end, it introduces measures such as the requalification of free zones, the revision of their taxation and the raising of the Corporate tax of the exporters in the 2020 finance bill.
Media insists that they are “justified by the international commitments of Morocco” since it is a signatory of the Multilateral Convention for the implementation of the measures relating to the tax conventions to fight the fraud. “It remains now to ratify the convention by Parliament and publish the instruments in the Official Bulletin,”, which also recalls that Morocco is a signatory of sixty non-double taxation treaties.
Accession to the OECD agreement imposes as a measure “misuse of tax treaties, strategies used to avoid establishing a permanent establishment and arrangements exploiting differences in tax treatment between countries”. There is also the strengthening of the dispute settlement mechanism, through the inclusion in the tax treaties of an optional compulsory binding arbitration clause to which some thirty jurisdictions have adhered.
In the same direction, Morocco must adjust its legal arsenal. Thus, the kingdom is committed to “respond automatically to requests for information for tax purposes without any formality”. Fines have even been incorporated into the legislation in the event of refusal by financial institutions to disclose information about certain customers. “New sanctions are provided for by the draft budget law”.