sale of properties or exchange of taxes

The Moroccan diaspora asks to consult the parliamentary groups on draft law n°77.19, which will enshrine in Moroccan law this requirement of the agreement signed by Morocco on June 25, 2019 in Paris. Many Moroccans around the world plan to spend their old age in Morocco where they own real estate. They are therefore also concerned about the planned tax exchange, which they believe would not benefit Morocco or Moroccans. With this measure, Moroccans around the world will have to choose between selling all their property in Morocco and living in their country of residence, or vice versa, reports As is.

Also Read: Moroccan Diaspora Struggles With Stricter Remittance Requirements

If the text were adopted by parliament, remittances from Moroccans around the world would also be affected. These transfers increased from 39.29 billion dirhams in May 2022 to nearly 45.17 billion dirhams at the end of May 2023, an increase of 14.9% (+5.87 billion). Remittances from Moroccans living abroad are important for their families and for the Moroccan economy.

Read also: Morocco is working on a solution for the exchange of banking data from the Moroccan world

The bill was first analyzed by the parliamentary foreign affairs committee in June and is awaiting approval. It aims at the automated transfer of financial and tax information between Morocco and the member states of the Organization for Economic Co-operation and Development (OECD). According to some observers, Morocco has signed the agreement to be removed from the gray list of the Financial Action Task Force (FATF).