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Morocco will start exchanging its tax data with the OECD from next year. The measure follows the agreement signed in early July on a minimum global tax of 15%.
The agreement in question is based on two pillars: the reform of the rules which grant countries the right to tax large multinationals regardless of their physical presence in the territory, and the introduction of a minimum tax rate of 15 % against tax competition between countries.
133 countries and jurisdictions out of 139 have already given their agreement in principle to implement this reform. Even in the absence of full consensus at the level of the Inclusive Framework, the effective implementation of this agreement would not be called into question. All that remains to be done is to set the terms of application The implementation of the two pillars will be effective from 2023, the time to finalize the administrative procedures and to validate the work plan for the implementation of reform.
This agreement will definitely put an end to tax havens. Countries with a large diaspora in Europe such as Morocco, Turkey or Tunisia have expressed reservations on the convention on world trade information for tax purposes excluding the countries of residence of their citizens (France, Belgium, the Netherlands, …). In fact, the OECD would be obliged to place these states on the list of tax havens.
The exchanges can be automatic, spontaneous or take place on request, without any possible reservation both with regard to the setting up of the exchange of information and the country with which the exchange takes place. Morocco’s commitment to implement automatic exchange from 2022.
