BOURSSOLE Logo
BOURSSOLEYour smart investing compass
Global Economy

Global Economy

Morocco’s 2025 Fiscal Revenue Tops 342 Billion Dirhams, Up 15% YoY

The Ministry of Economy and Finance reports that Morocco collected more than 342 billion dirhams in tax revenue for 2025, a 14.7% jump from 2024. The collection rate reached 106.9% of the budget target, driven by strong performances in corporate tax, personal income tax, VAT and internal consumption taxes, while customs duties lagged behind their target. Key highlights include a record‑high corporate‑tax regularisation of 6.9 billion dirhams, a 28.6% rise in corporate‑tax receipts and a 9.4% increase in personal‑income‑tax collections, mainly thanks to voluntary regularisation and higher withholding on capital‑gain transactions.

January 30th, 2026
2 min read
By boursenews.ma

Listen to this article

Unlock audio versions of premium articles and more with a Pro subscription.

Upgrade to Unlock

Overview of 2025 Tax Collections

The Ministry of Economy and Finance released its Situation of Charges and Resources of the Treasury (SCRT) report, showing that total tax receipts reached over 342 billion dirhams (MMDH) in 2025, a 14.7% increase over the previous year.

Overall, the collection rate stood at 106.9% of the budgeted target. Refunds, tax waivers and reimbursements – including those paid by local authorities – rose by 3.1 MMDH to total 26.1 MMDH.

Corporate Tax (IS)

  • Realisation rate: 125.1%
  • Increase: 20.3 MMDH (+28.6%)
  • Key drivers:
    • Regularisation complement reached a record 6.9 MMDH (+51.9%), bringing total regularisation to 20.1 MMDH.
    • Advance payments grew by 14.1 MMDH.
  • Refunds rose from 2.4 MMDH to 3.4 MMDH.

Personal Income Tax (IR)

  • Realisation rate: 107.4%
  • Increase: 5.6 MMDH (+9.4%)
  • Major contributors:
    • Voluntary regularisation generated 3.8 MMDH in January 2025.
    • Withholding on capital‑gain disposals added 936 MDH.
    • Administrative actions contributed 619 MDH.

Value‑Added Tax (VAT)

  • Increase of 8.3 MMDH (+9.3%)
  • Realisation rate: 96.8%
  • Growth came from:
    • VAT on imports +8.2%.
    • Domestic VAT +11.5%.

Internal Consumption Taxes (TIC)

  • Realisation rate: 112.5%
  • Increase of 5 MMDH (+13.8%)
  • Drivers:
    • Energy‑product TIC up +15.7%.
    • Tobacco TIC up +11.7%.
  • Policy change: Law Finance 2025 removed the exemption on coal and heavy fuel oil used for electricity generation and raised rates on these fuels, lubricating oils and bitumen.

Customs Duties

  • Realisation rate: 80.6%
  • Increase of 2 MMDH (+12.9%)
  • Main cause: a 10% rise in imports placed in consumption.
  • Registration and stamp duties achieved a realisation rate of 109.7%.

About the SCRT

The SCRT is the statistical document that presents, on behalf of the Ministry of Economy and Finance, the execution results of the Finance Law forecasts. It compares the current fiscal period with the same period of the previous year and follows international public‑finance statistics standards, detailing ordinary revenues, ordinary expenditures, investment spending, budget deficit, financing needs and the sources used to meet them.

Discussion (0)