The General Directorate of Taxes (DGI) has announced the implementation of a revised penalty system for overdue commercial invoices, set to take effect on December 1, 2024. Under the new framework, late payments will incur a fine calculated using the updated benchmark interest rate established by Bank Al-Maghrib (BAM).
According to a recent DGI statement, the penalty rate for the first month of delay is aligned with BAM’s key interest rate, now reduced to 2.5%. For subsequent delays, an additional penalty of 0.85% per month or partial month will be applied. This adjustment follows Law No. 69-21, which regulates payment deadlines in commercial transactions and imposes fines for non-compliance.
Bank Al-Maghrib’s decision to lower the benchmark rate by 25 basis points, announced earlier this month, will officially take effect on December 19, 2024. This decrease, from 2.75% to 2.5%, reflects the central bank’s broader monetary policy direction.
For businesses, the new rules underscore the importance of adhering to payment deadlines to avoid accumulating fines, which could escalate quickly due to the compounded monthly penalties. This move signals the government’s intention to enforce stricter financial discipline and improve cash flow reliability in Morocco’s commercial ecosystem.
