Moroccan Parliament Advances Controversial 2024 Budget Bill
On Wednesday, Morocco's Lower House took a pivotal step in the approval process for the 2024 Finance Bill, amidst heated discussions on proposed tax reforms.
In a narrow decision, lawmakers pushed the budgetary legislation forward in a second reading, garnering support from 87 members of parliament, while 31 opposed. The comprehensive bill aims to revamp significant aspects of Morocco's tax code over the next three years, concurrently bolstering social safety net programs.
However, the crux of contention within the House revolves around the government's strategy to progressively reform the nation's value-added tax (VAT) from 2024 to 2026. Opposition parties argue that these changes would disproportionately affect economically disadvantaged Moroccans who are already grappling with soaring living costs.
Legislators from the ruling coalition counter that the extended VAT reforms, coupled with adjustments to corporate and income taxes, will streamline the tax system and spur economic growth. They emphasize the bill's inclusion of increased state funding for housing assistance and social cohesion initiatives.
Following this second successful vote, the bill now moves into a committee review phase before reaching a crucial third reading and final passage vote. The slim margin of approval suggests that the fate of the Finance Bill hangs in the balance, as both sides scramble to garner additional support.
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