Tax revenues increase by 9.9% at the end of March

Tax revenue increased, year-on-year, by 9.9% for the first three months of 2024, showing an achievement rate of 29.9%, according to a document from the Ministry of Finance. Economy and finance on the situation of Treasury expenses and resources (SCRT).

Reimbursements, tax reliefs and refunds, including the share borne by local authorities, amounted to 4.5 billion dirhams (MMDH), almost the same level recorded at the end of March 2023, specifies the ministry. At the retail level, corporate tax (IS) revenue recorded an achievement rate of 43% and an increase of 17.4%, mainly due to the improvement in revenue from the regularization supplement (+2.3 MMDH), the 1st installment (+703 million dirhams – MDH) and the IS on fixed income investment products (+343 MDH), reports the same source. As for income tax (IR) revenues, they reached an achievement rate of 27.6% and showed an increase of 3.2%, essentially reflecting a growth in revenues generated by IR. on salaries (+243 MDH) and by IR on land profits (+216 MDH).

Revenue from value added tax (VAT), for its part, had an achievement rate of 24.9%. These revenues increased by 2.3 billion dirhams, driven by domestic VAT revenue (+38.6%), while that of import VAT fell by 0.9%.

Regarding customs duty revenue, they recorded an achievement rate of 21.4% and a decline of 5.3%, linked in particular to the drop in imports, indicates the ministry, adding that internal revenue consumption (ICT) reached an achievement rate of 22.7% and increased by 1.3%, covering an improvement in ICT on energy products (+9.1%) and a drop in those on tobacco (9 .8%).

The SCRT is the statistical document which presents, on behalf of the Ministry of Economy and Finance, the results of the execution of the forecasts of the LF with a comparison with the achievements of the same period of the previous year.

While the situation produced by the General Treasury of the Kingdom (TGR) has a fundamentally accounting nature, the SCRT apprehends, as recommended by international standards in terms of public finance statistics, the economic transactions carried out during a budgetary period in describing, in terms of flows, ordinary revenue, ordinary expenditure, investment expenditure, the budget deficit, the financing need and the financing mobilized to cover this need.

LNT with MAP