Voluntary tax regularization: Over 5 billion dirhams declared

Voluntary compliance with tax regulations remains open until December 31, offering taxpayers in irregular tax situations an opportunity to comply with their tax obligations. This waiver offers advantageous and confidential treatment to those who decide to regularize their situation.

Since the launch of this operation, almost 2,000 taxpayers have already taken the plunge, declaring over 5 billion dirhams (USD 500 million). This figure testifies to the scale of undeclared assets. However, a large proportion of taxpayers are still hesitating, either due to a lack of information, or a deliberate choice to remain in the grey zone. But at what cost?

Taxpayers wishing to regularize their situation can count on a fast, fluid system. The tax authorities have mobilized to ensure that files are processed in less than 72 hours, guaranteeing a smooth process. The steps to be taken vary according to the nature of the assets concerned. For liquid assets deposited in a bank or held in cash (banknotes), the funds must be deposited with an approved banking institution. The bank directly deducts a contribution at a rate of 5% and remits it to the tax authorities within one month. In the case of movable and immovable property, as well as advances on partners’ current accounts or loans granted, taxpayers must file a specific declaration with the tax collector. Here, the 5% contribution is calculated on the basis of the acquisition value of movable or immovable property or the amount of advances on partners’ current accounts or on the operator’s account and loans granted to third parties declared. The 5% contribution must be paid at the same time as the declaration is filed. This simplification is designed to encourage taxpayers to take the plunge without fear of red tape.

Getting one’s taxes in order is more than just an opportunity. It is also a way of avoiding traditional tax audits. After December 31, taxpayers who have not regularized their situation will be exposed to an in-depth examination of their finances, accompanied by potentially heavy penalties. Penalties, often well in excess of the modest cost of the voluntary contribution, could prove a deterrent to latecomers. As the deadline approaches, the persons concerned should make a decision. Waiting until the last days of the year could create logistical complications due to the influx of last-minute tax returns.

Khadija MASMOUDI