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Morocco kept on the EU gray list of tax havens

The European Union has kept Morocco on its gray list of tax havens, updated on October 6. The kingdom’s case may not be analyzed again “before February 2021”, on the basis of “the various decisions of the European Commission” due to the pandemic linked to the new coronavirus.

Indeed, for Morocco to be permanently removed from the EU gray list, the kingdom must modify the tax regime of Casablanca Finance City (CFC). A bill to this effect was adopted in the First Chamber of Parliament, its final adoption being able to allow this exit.

As for the EU blacklist, it still includes 12 territories, including Anguilla and Barbados, Fiji, Guam, Palau, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu.

This European classification aims to strengthen the fight against tax evasion by multinationals and wealthy people. It was created in December 2017, after several revelations such as Panama Papers and LuxLeaks. Countries considered to be the most fraudulent or constituting tax havens may expose themselves to a freeze on EU funds that they may collect, within the framework of European cooperation.

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