All Moroccans living abroad will, from this year 2021, have to declare their bank accounts held in Morocco in their tax return.
This decision comes within the framework of the international tax treaties of the OECD. Any Moroccan resident abroad who does not respect the rule will face heavy penalties.
“Through the multinational convention signed in June 2019 for the implementation of measures related to the OECD tax treaties (BEPS), Morocco adheres to the automatic transfer of bank data from September 2021. This measure is already prescribed by law of Finances 2020 for fiscal years beginning on January 1, 2021 “, share Eco news
This new law will come into force from September 2021 and those who have not regularized their situation will be considered in a situation of tax evasion, which will generate consequences of up to 7 years in prison and a fine of 3,000,000 euros. , or more. The declaration also takes into account investments, capitalizations, assets and others.