Moroccan Customs Achieve Marginal Gains in 2023 Despite Revenue Fluctuations
In the realm of Moroccan customs, 2023 marked a year of modest progress, with recent data revealing a slight uptick in overall revenues amidst fluctuating streams of income. Despite facing some ups and downs, the total net customs revenues for 2023 reached 84.49 billion dirhams ($8.3 billion), showcasing a marginal gain of 0.5% compared to the previous year.
One notable highlight was the significant surge in customs duties, which experienced a notable 12.8% increase, reaching 15.5 billion dirhams. However, the landscape wasn't entirely uniform, as Value Added Tax (VAT) revenues on imports witnessed a slight dip, down by 3.2% to 52.7 billion dirhams. Within the VAT domain, fluctuations were further evidenced with a notable 18.1% decrease in VAT on energy products juxtaposed against a modest 1.2% rise in non-energy VAT.
Despite these variations, the sector that sustained steady gains was the Domestic Consumption Tax (TIC) on energy. Net TIC revenues exhibited a commendable 2.7% increase, surpassing 16.21 million dirhams. Additionally, gross TIC revenues from energy products witnessed a marginal uptick of 1.9%, reaching 16.2 million dirhams.
However, the overall customs haul, while demonstrating resilience, remained modest, with gross revenues totaling just 84.5 billion dirhams, reflecting a meager 0.4% increase. The Treasury report also revealed that refunds, exemptions, and tax restitutions amounted to approximately 99 million dirhams.
Looking forward, the 2024 budget law has introduced VAT reforms aimed at bolstering consumer spending power. Notable among these reforms are reduced tax rates on essential items such as food and medicine, demonstrating the government's efforts to navigate through a challenging economic climate while maintaining fiscal equilibrium. Despite these measures, only moderate growth is forecasted for Moroccan customs in the upcoming year.