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Thursday 7 December 2023

Morocco’s Upper House Adopts Finance Bill’s First Part

Morocco’s Upper House Adopts Finance Bill’s First Part

Morocco’s House of Councilors (Upper House) on Wednesday adopted by majority the first part of the 2024 Finance Bill, as amended.

 During a plenary session, attended by Minister Delegate in charge of the Budget, Fouzi Lekjaa, the first part of the Finance Bill was approved by 51 councilors and rejected by 9 others, while 11 councilors abstained from voting.

   Regarding the 43 amendments, they mainly focused on the reform of the Value Added Tax (VAT) which will be carried out according to a progressive approach during 2024-2026, Corporate Tax, Income Tax, customs measures, as well as other measures relating to the revision of the provisions of article 6 of the Finance Bill concerning State aid to support housing and strengthen the financial resources allocated to the Support Fund for Social Protection and Social Cohesion.

MAP: 06 December 2023