Morocco
on that portion of export sales. For exports services, this exemption is applied only for the sales turnover generated in a foreign currency. • An exemption from VAT on the cost of materials, tools and equipment, imported or acquired locally, which are depreciable assets registered in a fixed asset account for the couple of years following the start of activity. • An exemption from VAT on goods, merchandise and services financed or delivered as a gift by the EU. • An exemption from the minimum contribution in respect of corporate tax during the first 36 months of operation.
Trade Relations • Memberships – United Nations (UN), World Trade Organisations (WTO). • Tax treaties – Morocco has concluded 34 tax treaties. Interest and Currency Exchange Rates Monetary Policy Rate: 3% (November 2012) (source: Central Bank )
Currency: Moroccan Dirham (MAD) R1 = 0.93481 (November 2012) €1 = 10.96 (November 2012) US$1 = 8.49 MAD (November 2012)
Exchange Controls Foreign exchange is not restrictive in Morocco. Exchange control rules should, however, be observed to grant transferability of transactions in foreign currency.
US$1 = 8.38 MAD (2011 average) (source: Oanda)
Key Economic Statistics GDP (2012 forecast):
Expatriates and Work Permits Foreign citizens can work in Morocco for resident employers if they obtain a visa to the employment agreement.
US$101.36 billion (October 2012) (source: Ministry of Finance)
Market Capitalisation: MAD61.5 billion (2011 year-end) (source: Ministry of Finance)
Rate of Inflation: 1.000% (2009 average) (source: Ministry of Finance)
0.900% (2010 average) (source: Ministry of Finance)
0.900% (2011 average) (source: Ministry of Finance )
1.000% (December 2012) (source: Ministry of Finance )
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Guide to Fiscal Information
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