Overview of Tax Revenue Performance
The Moroccan Ministry of Economy and Finance has reported that tax revenues are projected to reach over 342 billion dirhams in 2025, achieving a realization rate of 106.9%. This information is detailed in the Treasury's report on the status of charges and resources.
Increase in Refunds and Tax Adjustments
The report highlights a rise in refunds, tax reductions, and reimbursements, which have increased by 3.1 billion dirhams, totaling 26.1 billion dirhams. This includes amounts borne by local authorities.
Corporate Tax Performance
Corporate tax (IS) has shown a remarkable realization rate of 125.1%, with an increase of 20.3 billion dirhams, representing a growth of 28.6%. This surge is largely driven by a significant rise in regularization supplements, which reached a record level of 20.1 billion dirhams, up by 51.9%.
Additionally, advances in corporate tax collections amounted to 14.1 billion dirhams, while refunds for this tax category rose from 2.4 billion dirhams to 3.4 billion dirhams in 2025.
Income Tax Developments
Income tax (IR) has also performed well, achieving a realization rate of 107.4% with an increase of 5.6 billion dirhams, or 9.4%. This growth is primarily attributed to voluntary tax regularization, which generated 3.8 billion dirhams in January 2025.
Moreover, there were increases in withholding tax on capital gains from securities, amounting to 936 million dirhams, and additional revenues from the tax administration totaling 619 million dirhams.
Value Added Tax (VAT) Trends
The VAT revenues have risen by 8.3 billion dirhams, reflecting a 9.3% increase, with a realization rate of 96.8%. This growth is attributed to higher collections from both import VAT, which increased by 8.2%, and domestic VAT, which rose by 11.5%.
Excise Tax and Customs Duties
Excise taxes (TIC) recorded a realization rate of 112.5%, with an increase of 5 billion dirhams, or 13.8%. This growth is mainly driven by higher revenues from TIC on energy products, which rose by 15.7%, and tobacco products, which increased by 11.7%.
The rise in TIC on energy products is linked to the removal of exemptions for coal and heavy fuel oil used in electricity production, as stipulated in the 2025 finance law, along with increased rates applied to these products, lubricating oils, and bitumen.
Customs duties also saw a realization rate of 80.6%, with revenues increasing by 2 billion dirhams, or 12.9%, primarily due to a 10% rise in imports for consumption.
Statistical Reporting and Analysis
The Treasury's report serves as a statistical document that presents the execution results of the finance law forecasts, comparing them to the previous year's performance. While the data produced by the General Treasury of the Kingdom is fundamentally accounting-based, this report aligns with international standards for public finance statistics, detailing economic transactions over the budgetary period.
It describes, in terms of flows, ordinary revenues, ordinary expenditures, investment expenditures, budget deficits, financing needs, and the mobilization of funds to cover these needs.
