The Moroccan government has ended its 2024 Voluntary Asset Disclosure Program, a tax amnesty program for Moroccans to declare assets and liquidity held outside of Morocco’s banking system. The program reportedly generated MAD 231.7 million (USD 22 million) in additional tax revenue.
Established under Article 8 of Finance Law 55-23, the program allowed individuals to disclose foreign-held assets without facing penalties, subjecting such assets to a lower tax rate ranging between 1.5% and 15% than would otherwise apply.
As of the program’s December 31, 2024 deadline, authorities recorded 658 disclosure filings amounting to more than MAD 2 billion (USD 200 million) in reported assets.
The filed amounts included financial assets, which accounted for MAD 916 million (USD 91 million) or 45% of the total assets declared, real estate valued at MAD 868 million (USD 86.8 million) or 43%, and liquid holdings valued at MAD 244.6 million (USD 24.4 million) or 12%.
For now, the 231.76 million dirhams collected represents a substantial addition to the country’s 2024 tax revenues.