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Tuesday, May 21, 2024

Net Amount of Over 170,000 Pensions to Increase from January

More than 170,000 pensions will see an increase in their net amount, as of January of this year, the Moroccan Pension Fund (CMR) announced.

This increase comes in application of the new tax provision relating to the raise in the flat-rate allowance applicable to pensions and life annuities, the Fund said in a statement.

“The Moroccan Pension Fund informs the beneficiaries of the pensions it serves that the flat-rate allowance applicable to pensions and life annuities has been raised from 60% to 70% on the gross annual taxable amount of the mentioned income for the part less than or equal to 168,000 dirhams, in accordance with article 60 of the general tax code as amended by the 2023 finance law,” CMR added.

In addition, this measure will increase to 90% the percentage of pensioners benefiting from a tax exemption or deduction, the statement concludes.

 

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