2023-10-22 22:56:18
IN THE MORNING October 22, 2023 AT 9:00 p.m.
The 2024 Finance Bill provides for the establishment of a spontaneous regularization operation for assets and cash held abroad. Here are the details of this operation:
The people concerned by this regularization operation
This discharging contribution concerns the natural and legal persons having a residence, a registered office or a tax domicile in Morocco and who have committed offenses relating to exchange regulations, governed by Dahir No. 1-59-358 of 14 Rabii II 1379 (October 17, 1959) relating to assets abroad or in foreign currencies, as well as tax offenses relating to it and provided for by the general tax code.
The exchange offenses concerned
THE exchange offenses concerned by this contribution are those provided for by the dahir of 5 kaada 1368 (August 30, 1949) relating to the repression of infringements of exchange regulations and relating to the constitution of assets abroad in the form of: real estate held under whatever form abroad, financial assets and transferable securities and other capital and debt securities held abroad or liquid assets deposited in accounts opened with financial organizations, credit organizations or banks located abroad.
There are also the tax offenses concerned as provided for in the Tax Coderelating to the failure to declare income, products, profits and capital gains relating to real estate and movable assets as well as the availability of foreign currencies held abroad.
Obligations and conditions to be respected
The persons targeted by this regularization operation may benefit from the non-application of sanctions relating to exchange offenses as well as tax offenses under the following conditions:
*File with a credit institution approved as a bank, a declaration signed on a model form established by the administration showing the nature of the assets held abroad;
*Repatriate cash in foreign currencies as well as the income and products generated by said cash and transfer at least 25% of this cash on the foreign exchange market in Morocco once morest dirhams with the possibility of depositing the remainder in accounts in foreign currencies or in convertible dirham from credit institutions approved as banks, located in Morocco;
*Proceed to pay the contribution according to the fixed rates.
The declaration in question must include information on all the information usually required by credit institutions approved as a bank for the opening of a bank account, as well as the nature and description of the assets and the corresponding value. This document must be filed with a credit institution approved as a bank according to the model established for this purpose by the administration. This declaration must be accompanied by documents justifying the acquisition value of the assets and the latest bank statements showing the amount of liquid assets.
For their part, credit institutions approved as banks are required to comply with the following obligations:
a) open an account in convertible dirhams or foreign currencies in the name of the natural or legal persons concerned to deposit funds in foreign currencies;
b) deduct at source the final contribution at the rates provided and pay it to the receiver of the tax administration of the place of its headquarters in the month following that during which the repatriation of assets or currencies took place.
Each payment is made by a payment slip drawn up in triplicate on a printed model established by the administration, dated and signed by the paying party and indicating only: – the declaration number; – the amounts repatriated as well as the acquisition value of real estate and the subscription or acquisition value of financial assets and transferable securities and other capital or debt securities held abroad; – the amount of the contribution paid.
c) send copies of the payment notice slips to the headquarters of the Foreign Exchange Office and to the General Tax Directorate at the latest in the month following that of payment of the contribution for regularization.
Rate and payment of the final contribution
The rate of the final contribution is set at 10% either of the acquisition value of real estate held abroad or of the subscription or acquisition value of financial assets and transferable securities and other capital or investment securities. debts held abroad.
Another rate of 5% is provided for the amount of liquid assets in foreign currencies repatriated to Morocco and deposited in accounts in foreign currencies or convertible dirhams. Then a rate of 2% of foreign currency liquidity repatriated to Morocco and sold on the foreign exchange market in Morocco once morest the dirham.
Payment of the final contribution frees the person concerned from paying penalties relating to violations of exchange regulations. Likewise, the payment of this final contribution releases the interested parties from the payment of income tax or corporate tax as well as the related fines, penalties and increases in respect of sanctions for breach of reporting obligations, of remittance and payment provided for by the general tax code.
Penalties and sanctions provided for
The natural or legal persons concerned who do not comply with the conditions and obligations provided for in the context of this regularization operation do not benefit from the provisions relating to the contribution and remain subject to exchange regulations and tax legislation in force. THE Credit institutions approved as a bank which do not pay the amount of the final contribution within the set deadline are liable, in addition to payment of the principal of the final contribution, to the application of the sanctions provided for by Law No. 15-97 forming the recovery code public debts, promulgated by Dahir No. 1-00-175 of 28 Moharrem 1421 (May 3, 2000), as amended and supplemented.
Please note that the persons concerned have a period from January 1 to December 31, 2024 to subscribe to the declaration and pay the final contribution relating to spontaneous regularization for assets and cash held abroad.
The persons concerned who have subscribed to the final contribution benefit from the guarantee of anonymity covering all operations carried out during the period of this regularization. To this end, they benefit from the provisions provided for by article 180 of the aforementioned law no. 103-12, including with regard to the administration. There cannot be, following payment of the final contribution, any administrative or legal proceedings once morest the persons concerned in respect of assets and liquidities which have been the subject of spontaneous regularization, whether in terms of legislation relating to exchange regulations or in matters of tax legislation.
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