Casablanca– In a recent report released by the Moroccan government, it has been revealed that the country experienced a robust fiscal performance in the year 2022. The report highlights significant tax revenues generated primarily from the tobacco and beer industries, along with other key sectors contributing to the nation’s finances.
According to the report, tax revenues from the levy on manufactured tobacco amounted to 12.79 billion Moroccan dirhams (approximately $1.32 billion USD), while revenues from beer taxes totaled 1.1 billion dirhams (approximately $113.40 million USD). These figures underscore the importance of these industries to the Moroccan economy and the government’s revenue stream.
Furthermore, VAT revenues from imports stood out as a major source of income, totaling a staggering 54.48 billion dirhams (approximately $5.62 billion USD). Additionally, revenues from fees on energy products amounted to 15.97 billion dirhams (approximately $1.65 billion USD), further solidifying the government’s financial position.
Overall, the Ministry of Economy and Finance reported total revenues of 100.06 billion dirhams (approximately $10.32 billion USD) from customs and indirect taxes administration during the fiscal year.
The report also highlighted the significant contributions from income tax, corporate tax, and value-added tax, with income tax generating 48.25 billion dirhams (approximately $4.98 billion USD), corporate tax at 61.35 billion dirhams (approximately $6.33 billion USD), and value-added tax at 31.14 billion dirhams (approximately $3.21 billion USD).
Profits from state-owned entities such as the Office Chérifien des Phosphates and contributions from the National Agency for Real Estate Conservation, Surveying, and Mapping further bolstered the government’s financial resources.
Despite exceeding the specified amounts in the Finance Law for 2022, with private account expenditures totaling 131.17 billion dirhams (approximately $13.54 billion USD), the government achieved an impressive achievement rate of 133.41 percent.
Overall, the fiscal report reflects a positive outlook for Morocco’s economy, demonstrating prudent financial management and robust revenue generation across various sectors.