The Moroccan government’s voluntary asset disclosure program accounted for over MAD 127 billion, 6 billion of which contributed to the public treasury, government spokesperson Mustapha Baitas said during a weekly press conference on Thursday, Morocco’s Press Agency (MAP) reported.
Baitas noted that the program strengthened trust between the tax administration and taxpayers while encouraging greater fiscal compliance. It also provided substantial financial resources, bolstering Morocco’s economy and capacity to meet funding needs.
Baitas also reported a reduction in the budget deficit to 4% of GDP in 2024, down from 4.3% in 2023, adding that this improvement stems from a 14.6% rise in ordinary revenues, amounting to MAD 371.6 billion—a MAD 47.4 billion increase.
Tax revenues also increased by MAD 35.9 billion, or 13.6%, compared to the previous year. The value-added tax (VAT) contributed an additional MAD 12 billion, evenly split between imports and domestic transactions.
Income tax rose by MAD 9 billion, corporate tax by MAD 8 billion, and consumption taxes by MAD 3.7 billion. Registration duties and customs duties also experienced growth, adding MAD 1.5 billion and MAD 1.4 billion, respectively. These gains offset a MAD 22.2 billion increase in overall government spending, which grew by 5.5% compared to 2023.
On inflation, Baitas said that the government has allocated MAD 1 billion to subsidize essential food items, including fertilizers, wheat, barley, and livestock. Subsidies for basic commodities reached MAD 25.4 billion, he said.
Investment spending continued on an upward trajectory, increasing by MAD 5.3 billion, or 4.7%, to total MAD 116 billion.
In the social sphere, MAD 13.8 billion was earmarked for salary increases benefiting approximately 1.027 million public sector employees, including doctors, academic researchers, magistrates, and workers in the health and justice sectors. An additional MAD 4 billion was allocated to support the National Electricity Office, with the transport sector also receiving financial aid.
Despite these achievements, Baitas acknowledged that public debt remained steady at 69.5% of GDP. However, concerns over the government’s fiscal management persist among critics.