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Tax revenues reached 224.08 billion dirhams (MMDH) at the end of September 2024, marking an 11.9% increase compared to the same period last year, according to the Ministry of Economy and Finance.
These revenues achieved a realization rate of 82.8% relative to the forecasts outlined in the Finance Act (LF), as stated in the Ministry's recent report on the Treasury's charges and resources (SCRT).
Tax refunds, rebates, and restitutions, including amounts borne by local authorities, totaled 13.6 MMDH, up from 9.7 MMDH at the end of September 2023.
Analyzing tax performance by type, corporate income tax (CIT) showed a realization rate of 92.1% with an increase of 6.2 MMDH. This rise was largely due to higher revenues from the first three installments (+3 MMDH) and the regularization supplement (+2.3 MMDH), as well as withholding tax on fixed-income investment income and remuneration paid to third parties (+0.9 MMDH).
Revenue from income tax (IR) increased by 5.1 MMDH, achieving a realization rate of 83%. This growth primarily reflects improvements in income tax on salaries (+1.7 MMDH) and property profits (+0.5 MMDH), along with withholding tax on fixed-income investment income and profits from the sale of securities (+0.7 MMDH).
Value-added tax (VAT) revenues rose by 7.6 MMDH, with a realization rate of 77.5%. These revenues benefited from increases in domestic VAT (+3.3 MMDH) and import VAT (+4.2 MMDH).
Furthermore, the Ministry noted that revenues from domestic consumption taxes (TIC) recorded a realization rate of 79.9% and grew by 2.4 MMDH, mainly due to improvements in TIC on energy products (+1.2 MMDH) and tobacco (+0.6 MMDH).
Customs duties increased by 1.8 million dirhams (MDH), achieving a realization rate of 86.3%, while revenues from registration and stamp duties rose by 420 million dirhams (MDH), with a realization rate of 81.6%. This increase reflects a rise in registration duties (+224 MDH), the tax on insurance contracts (+137 MDH), and the special annual tax on vehicles (TSAV) (+79 MDH).
The SCRT is the statistical document presenting, on behalf of the Ministry of Economy and Finance, the results of the execution of the LF forecasts, compared to the achievements of the same period in the previous year.
While the situation produced by the Kingdom's General Treasury (TGR) is fundamentally accounting-based, the SCRT, following international public finance standards, considers the economic transactions conducted during a budgetary period. It describes, in terms of flows, ordinary income, ordinary expenditure, investment expenditure, the budget deficit, financing requirements, and the financing mobilized to meet those requirements.
