According to a statement issued by the Ministry of Economy, Finance and Administration Reform, “This decision confirms that the Kingdom’s partners receive, in a positive way, the measures taken and that the efforts made and the measures taken are completely in line with the principles of good tax governance and international standards,” pointing out that “the reforms they have undertaken The kingdom, on the tax level, is in line with the conditions of the European Union. “
The statement affirmed that this development “attests to the positive cooperation between the Moroccan authorities and their European counterparts in this field,” noting the Kingdom’s involvement in “harmonizing its tax systems with standards of good governance, within the framework of enhancing tax transparency at the global level,” appreciating the series of reforms. Launched since the 2018 Finance Act.
Moroccan Minister of Economy and Finance, Mohamed Benchaaboun, visited Brussels last February, where he met his European counterpart, Paolo Gentiloni, who heads the European Commission for Taxes and is responsible for proposing technical considerations and assessments on the basis of which a list of non-cooperative countries and regions in the tax field is prepared. Make this positive evaluation “expected,” according to the statement.
The new European decision, in which observers saw it, is a addition to a series of other European decisions that emphasize the unity of Moroccan soil and the successive development of the Moroccan institutional reforms, which some also considered an important turning point that will be reflected in the overall Moroccan-European economic relations.
In this regard, Professor of Public Finance at the University of Mohammed V in Rabat, Mohamed El-Ghawati, said in a statement to “Sky News Arabia” that Morocco has “taken a set of measures to adapt its tax legislation to the approved international standards,” noting that “the Finance Law for 2021 has It stipulated the creation of a mechanism for exchanging data with foreign tax administrations, stressing that this is “part of the tax reform scheduled for the period from 2020 to 2024 in response to the recommendations issued by the national debate for levies, which was held in Skhirat in May 2019.”
Al-Ghawati added, alerting to “the importance of the OECD’s evaluation of the financial pole system for Casablanca,” considering that Morocco had “noted that fulfilling its obligations towards its European partners could only be achieved by reconsidering the need to adapt the tax system for the Casablanca financial pole with” Standards set by the European Union, “which ended with removing Morocco from the” gray list “, in which it has been classified since 2017.
For his part, the economic and financial expert, Ayoub Al-Sabbar, said in a statement to “Sky News Arabia” that “this European decision, and since it is the result of a standard based on the level of transparency and governance in tax data, will provide economic actors with an economic climate covered by the element of confidence.” He considered that “the new climate will encourage both foreign capital, as well as the development of Moroccan investors for their partnerships with their European counterparts.”
Al-Sabbar pointed out that the new classification came as a culmination of “Morocco’s tendency to strengthen governance within its tax system over the past years, which has resulted in the modernization of the legal arsenal related to the financial and business climate,” stressing the importance of “accelerating the pace of developing the financial pole of the city of Casablanca, as well as regarding Related to industrial zones, “noting that this” shows the new industrial economic vision of Morocco. “
With regard to the international economic dimensions that Morocco is betting on, the researcher and economic analyst, Hamza Aanaw, said in a statement to “Sky News Arabia” that this European decision “coincides with Morocco’s desire to launch huge investments in its southern provinces,” indicating that ” The decision will enhance investment opportunities, especially after the recent agreements with America and Israel, which will make Morocco a successful experiment within its vicinity and a major gateway for entrepreneurship in Africa.
“The European Union’s decision to finally withdraw Morocco from the gray list of taxes came in recognition of the Kingdom’s efforts in the field of financial reforms and tax governance,” Aanaw stressed.
He added, “The merging of the informal sector, the provision of strong mechanisms to encourage small contractors, and the involvement of banks in digital projects that keep pace with modern global systems in the field of combating money smuggling and terrorist financing are the factors that enabled Morocco to enter the list of countries that adopt a transparent tax and banking system.” .
It is worth noting that the European Union, in addition to the gray and green lists, adopts a black list of countries that are considered tax havens, and includes countries with tax systems that attract companies and the wealthy to reduce the percentage of taxes they pay or allow them to evade taxation.