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Monday, January 30, 2023

Upper House Adopts 2023 Finance Bill

The House of Advisors on Monday adopted by majority vote the Finance Bill 50.22, for the 2023 budget year.

The 2023 Finance Bill was approved by 56 advisors, while 11 others opposed and with 6 abstentions, during a plenary session chaired by Upper House Speaker Enaam Mayara.

The main amendments approved by the House concern, among other things, the general tax code.

Regarding corporate income tax, an amendment was adopted concerning a 35% tax rate for companies whose net profit is greater than or equal to 100 million dirhams, with the exception of service companies that have acquired CFC status or benefit from the specified regime, and companies operating in industrial acceleration zones.

Speaking at a plenary session in the House dedicated to the general discussion of the Bill, Minister of Economy and Finance Nadia Fettah said that the government has taken a number of measures to cope with the price hike imposed by the current situation, pointing in this regard to the support of basic materials whose expenses are expected to MAD 40 billion during 2022.

He also stressed that the government has taken bold decisions to preserve purchasing power, especially in this exceptional situation marked by rising prices.

Moreover, he affirmed that our country has managed to successfully manage its public finances, as evidenced by the fact that Morocco has maintained its Standard & Poor’s Global Ratings, which has ensured the stable outlook of the Kingdom’s financial balances.

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