In a significant financial upswing, Morocco’s net customs revenues have surpassed 51.8 billion dirhams during the first seven months of 2024, marking a 9.6% increase compared to the same period in 2023. This data, released by the Kingdom’s General Treasury (TGR) in their latest Monthly Bulletin of Public Finance Statistics, underscores the nation’s robust fiscal performance.
These revenues are primarily derived from customs duties, Value Added Tax (VAT) on imports, and the Domestic Consumption Tax (TIC) on energy products. It’s important to note that these figures account for tax refunds, reductions, and restitutions amounting to 69 million dirhams.
Breaking down the numbers, net revenues from customs duties reached 9.1 billion dirhams by the end of July 2024, up 10.8% from 8.216 billion dirhams in the previous year. VAT on imports contributed significantly, with net revenues standing at 32.792 billion dirhams, reflecting a 9.3% growth. While VAT on energy products saw an 8% decline, VAT on other products experienced a substantial 13.7% increase.
Furthermore, net revenues from the TIC on energy products rose by 9.4%, totaling 9.911 billion dirhams, after accounting for tax refunds and deductions of 41 million dirhams. Overall, gross customs revenues by the end of July reached 51.869 billion dirhams, showcasing a 9.7% improvement over the same period last year.
These figures highlight Morocco’s steady economic growth and effective tax collection mechanisms, painting a promising picture for the nation’s fiscal health in the remaining months of 2024.
