Mohammedia – Morocco’s tax revenues recorded a strong surge over the first eleven months of 2025, reflecting a combination of solid economic activity and improved tax collection, according to the latest Situation des Charges et Ressources du Trésor (SCRT) published by the Ministry of Economy and Finance.
Fiscal revenues reached MAD 301.9 billion by the end of November, marking an increase of 14.5% compared with the same period last year.
The performance comes amid a broadly favorable economic context. Growth accelerated during 2025, supported by stronger domestic demand and investment, alongside positive results in agriculture, industry, tourism, and construction.
Inflation, meanwhile, remained contained, averaging 0.8% over the first eleven months of the year, down from 1.1% a year earlier. This environment helped sustain consumption and business activity, feeding directly into tax receipts.
According to the SCRT, total revenues rose by MAD 42.6 billion year-on-year, while fiscal revenues alone increased by MAD 38.2 billion.
The tax intake reached a realization rate of 94.3% of the projections set out in the 2025 finance law, underscoring a strong execution of budget forecasts.
The report also highlights a continued effort by the state to clear VAT credits, with tax refunds and restitutions climbing to MAD 24.8 billion by the end of November.
Corporate tax and income tax drive the increase
The strongest contribution to revenue growth came from corporate income tax. Receipts from the corporate tax rose by nearly 29%, generating an additional MAD 16.9 billion compared with November 2024.
This increase was largely driven by higher regularization payments and stronger advance installments, reflecting improved profitability across parts of the corporate sector.
Personal income tax revenues also posted a notable rise, increasing by 14.6%, or MAD 7.7 billion.
The SCRT attributes this performance in part to the voluntary tax regularization operation carried out earlier in the year, as well as stepped-up action by the tax administration and higher withholding on capital gains from securities.
Value-added tax revenues grew more moderately, up 9.7% overall. VAT collected on imports increased by 7.5%, while domestic VAT rose by more than 14%, pointing to resilient internal consumption.
Taxes on domestic consumption, particularly on energy products and tobacco, also contributed positively, posting a combined increase of 13%.
Not all tax categories followed the same trend. Customs duties declined by 5.5%, reflecting the removal of import duties on certain agricultural products, including cattle and sheep, under the 2025 finance law.
Registration and stamp duties, however, rose by more than 10%, supported by higher transaction volumes.
Despite the strong revenue performance, the Treasury’s budget balance remains under pressure.
The fiscal deficit widened to MAD 71.6 billion at the end of November, as expenditure growth outpaced revenue gains.
Ordinary spending increased sharply, driven by higher wage costs, transfers, and debt interest, even as compensation expenses fell.
Overall, the SCRT figures confirm a clear rebound in Morocco’s tax revenues in 2025, while also highlighting the challenge of containing spending as the state continues to finance social programs and public investment.
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