The General Directorate of Taxes (DGI) has announced that invoices with overdue payments starting from June 1, 2024, will incur a financial penalty at the new rate of 2.75% for the first month of delay.

Invoices with overdue payments before June 1, 2024, will still be subject to the previous penalty rate of 3%, according to a statement from the DGI.

This adjustment follows the recent decision by the Bank Al-Maghrib (BAM) Council to lower the key interest rate by 25 basis points to 2.75%, effective from June 27, 2024.

Additionally, the DGI reminds that Law No. 69-21 on payment deadlines stipulates that any breach of the provisions regarding commercial transaction payment deadlines will result in a financial penalty set at BAM’s key interest rate for the first month of delay, plus 0.85% for each additional month or part thereof.