Tax revenues: Progress confirmed

One of the key elements of the implementation of the Finance Law for the first 6 months of the year was the performance of tax revenues, which exceeded forecasts and figures for the same period in 2024. Indeed, tax revenues reached a realization rate of 55.3%, recording an increase of 25.1 billion  (USD 2.74 billion), or +16.6% compared to June 2024, thanks in particular to the measures taken as part of the tax reform. Thus, corporate tax posted an exceptional rate of 72.6%, with an increase of 13.1 billion Dirhams (USD 1.42 billion). This was due in particular to the good results posted by the phosphate, telecoms, hydrocarbons, and financial sectors.
Similarly, income tax increased by 6.7 billion Dirhams (USD 734 million), due in particular to the spontaneous regularization operation which generated revenue of 3.8 billion Dirhams (USD 416 million) and those realized following the tax audit (1.8 billion Dirhams , i.e., USD 197 million). VAT on domestic operations increased by 1.1 billion Dirhams (USD 120 million). It should be noted that the improvement in spontaneous revenue is due to the implementation of withholding tax, which generated 2.8 billion Dirhams (USD 197 million) in terms of additional revenue by the end of June 2025. Similarly, import VAT and TIC (Domestic Consumption Tax) increased by 2 billion and 2.2 billion dirhams  (US 219 million and US 241 million) respectively. 
On the other hand, customs duties recorded a decrease of 1 billion Dirhams (USD 109 million). In return for this significant increase in resources, personnel expenses reached 86.9 billion Dirhams (USD 9.5 million)  by the end of June 2025, compared to 78.4 billion Dirhams (USD 8.6 billion)  during the same period in 2024, an increase of 8.5 billion Dirhams (USD 876 million), i.e. a 10% increase.
This increase is mainly explained by the support of the impact of social dialogue, both at the central and the sectoral level.
As a reminder, the presentation of the implementation of the finance law during the first 6 months was made by Nadia Fettah before the Finance committees of the two Houses of Parliament. In the international context, marked by persistent uncertainty and the slowdown in global economic growth, public finances have demonstrated a high degree of resilience and sustainability. This is thanks to the anticipatory measures adopted and strategic choices aimed at preserving macroeconomic balances, while ensuring the continuity of financing social programs, support for investment, and job creation, according to the document distributed on this occasion. 
At the national level, the Minister highlighted the acceleration in the growth rate of non-agricultural activities to 4.8% compared to 4% during the same period last year. Based on this performance, and in parallel with the gradual recovery of agricultural activity (4.5%), the growth rate accelerated to reach 4.8% in the first quarter of 2025 compared to 3% during the same period of the previous year. 
Economic growth is expected to continue its momentum in 2026, reaching around 4.5%, the same level as in 2025, driven by the sustained momentum of non-agricultural activities.

Mohamed CHAOUI