Sale of property or tax exchange

Sale of property or tax exchange

July 11, 2023 – 7:00 PM – Moroccans Abroad

©

Moroccans living abroad are calling on Morocco to suspend the multilateral agreement on the automatic exchange of financial account information.

Moroccans in the diaspora are calling for consultations with parliamentary groups regarding draft law No. 77.19, which will enshrine in Moroccan law this provision of the agreement signed by Morocco on June 25, 2019 in Paris. Many Moroccans in the world plan to spend their old age in Morocco where they own real estate. Therefore, they are also concerned about the planned financial exchange, which they believe will not benefit either Morocco or the Moroccans. By this measure, cosmopolitan Moroccans will have to choose between selling all their property in Morocco and living in their country of residence, or vice versa, according to reports. TelQuel.

Also read: Moroccan expats suffer from stricter requirements for remittances

If the text is adopted by Parliament, the remittances of Moroccans in the world will also be affected. These transfers increased from 39.29 billion dirhams in May 2022 to approximately 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 to their families and to the Moroccan economy.

Read also: Morocco is working on a solution to exchange data for Moroccan world banks

The law was first analyzed by parliament’s 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 an agreement to abolish the Financial Action Task Force (FATF) gray list.

See also  Biden tightens vaccination rules for workers: heavy fines for violation | Abroad

Leave a Reply

Your email address will not be published. Required fields are marked *