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In general, Morocco has developed a strategy for attracting investment based on three fundamental freedoms: the right to invest, the right to transfer profits and the right to transfer divestment proceeds under certain conditions.

Economic reforms, social and legal implemented to secure and facilitate the installation of foreign investors, through two components:

  • tax incentives to complement the economic arsenal and allow development of professional activity at a competitive price;
  • simplification and standardization of installation procedures, particularly through the Regional Investment Centers (CRI) and the implementation of Manuals of Procedures related to investment.

(See website :  www.manueldesprocedures.com)

The Investment Charter

The « Investment Charter  » was adopted in 1995 to encourage foreign investors to establish themselves in the area and its principal incentives are as follows:

Exonération totale de l’impôt sur les sociétés (IS) ou de l’IR les 3 premières années d’activité ;
Exonération de la TVA pour 24 mois à partir du début de l’activité et de la taxe professionnelle pendant 5 ans ;
  • Total exemption from corporate tax (IS) or IR for the first 3 years of activity;
  • Exemption from VAT for 24 months from the beginning of the activity and of business tax for 5 years;
  • Waiver of registration fees on deeds of acquiring land intended for realization of a project. This scheme also applies to companies investing in priority development regions;
  • convertibility regime for foreign investments made in foreign currency in Morocco;
  • Protection of investments and of free transfer of capital;
  • Guarantee of non-discrimination between foreigners and nationals;

Any investment in excess of 200 million DH (18 million euros) has, in addition to tax benefits, exemption from duties and taxes on imports and of measures to promote regional development;

The Investment Charter

Thus, the legislator was keen to preserve two aspects:

  • Investor protection under international agreements, through the Accords for the Promotion and Protection of Investment  (APPI) , which represent one of the fundamental points policy of Moroccan in favor of investment on the one hand, and on the other, the conventions of avoidance of double the conventions of avoidance of double taxation concluded between Morocco and forty other countries;
  • Investor protection under the law, by improving the legal environment for business (Labour Code, the new law on joint stock companies, Industrial Property Law, Law on Intellectual Property, legislation establishing the commercial courts, an act reforming the banking sector, the Competition Act, the promulgation of a code of public procurement, etc.), and in exchange control regulations, the Charter guarantees the transfer of investment revenues (profits, dividends and capital), and proceeds from sale or liquidation, without limitation of amount or duration.

Tax incentives

As of twenty years ago, Morocco has undertaken important reforms with the objective of modernising the tax system and its adaptation to the demands of rapid economic growth and sustainable development.

These reforms were accompanied by a reduction in tax rates to bring them closer to international standards and focusing on two aspects:

Simplification, streamlining and modernising the tax system, notably by synthesising around the four main taxes:

  • Income tax reduced to 38%;
  • Corporate tax is 30% and 17.5% for hotel, mining, crafts and private educational and vocational training businesses;
  • Value added tax (VAT), with the objective of enlarging the taxable base and reducing the number of rates to finally arrive at one or two rates;
  • Registration fees.

On the other hand, the reduction of the tax burden through lower rates and broadening the tax base.

In general, the current tax incentives provide a large number of exemptions.

The system of tax incentives - Tax Directorate

The treaty regime

To encourage investment and support some growth sectors of the economy, Morocco offers investors, whether domestic or foreign, a package of incentives, through the treaty regime.

It provides three types of special benefits granted to investors under the investment agreements or contracts to be concluded with the State, namely:

  • direct aid granted by the Investments Promotion Fund (FPI)
  • aid granted by the Hassan II Fund for Economic and Social Development (FHII);
  • assistance in the form of exemption from VAT under Section 7.I of the Finance Act No 12/98 and Article 92-I-6 °, -22 ° 123-b of the General Tax Code of.


Companies that want to sign an investment contract with the State must meet one or more of the following:

  • Investing an amount equal to or greater than 200 million dirhams;
  • Create a number of permanent employment opportunities at or above 250;
  • Complete the project in one of the provinces or prefectures under Decree No. 2-98-520 of 30 June 1998 (the prefectures and provinces are: Al Hoceima, Berkane, Boujdour, Chefchaouen, Es-Semara, Guelmim, Laayoune , Larache, Nador, Oued Ed-Dahab, Oujda-Angad, Tangier, Asilah, Fahs-BNI-Makada, Tan-Tan, Taounate, Taourirt, Tata Taza Tetouan and);
  • Ensure technology transfer;
  • Contribute to the protection of the environment.

Based on Article 17 of framework law No. 18-95 forming part of the Investment Charter, the Investments Promotion Fund (FPI) supports certain costs associated with land, external infrastructure and training, as follows:

  • Land: the state pays 20% of expenditure on the acquisition of land necessary for the realization of the investment project;
  • External Infrastructure: The state pays 5% of these expenses;
  • Training: The State participates with a maximum of 20% of the foreseen training costs of the investment program.



The Hassan II Fund provides financial support to investment projects within certain industrial sectors, pursuant to land acquisition, construction or acquisition of commercial buildings.

The sectors concerned are:

  • Manufacture of parts for the automotive industry;
  • Manufacture of components and assemblies of electronic subassemblies;
  • Manufacture of parts for the aerospace industry;
  • Manufacturing related to nanotechnology, microelectronics and biotechnology;

Eligible projects

Any new investment project (creation or extension) with a total investment of more than 5 million dirhams (excluding import duties and taxes) and whose investment in equipment exceeds 2.5 million DH (excluding import duties and taxes).

Nature of the contribution

  • Cost of commercial buildings: The fund takes care of 30% of the cost of commercial buildings based on a unit cost of up to 2,000 DH / m2 (excluding taxes);
  • A maximum contribution of 10% of the cost of acquiring new capital goods (excluding import duties and taxes). This contribution is combined with the contribution for the construction or acquisition of commercial buildings.

The financial contribution of the Hassan II Fund benefiting the same project, either pursuant to construction or acquisition of buildings, either as the acquisition of goods or, pursuant to the two sections at a time cannot exceed 10% of the total investment or the sum of 20 million dirhams.


This article provides, for companies making an investment in excess of 200 million dirhams,  an exemption from import duty and VAT on capital goods, materials and tools needed for their project and imported directly by these companies or on their behalf.

Exemption is also granted to the parties, for parts and accessories imported at the same time as capital goods, machinery and equipment for which they are intended.

Articles No. 92-I-6, No. 123 -22-B of the General Tax Code

Companies whose investment amount is equal to or greater than 200 million dirhams, are exempt from VAT on imports of capital goods, materials and tools needed for their projects.

The benefit of this advantage is conditional on the conclusion of an agreement with the state, the goods should be procured by the subject during a period of 36 months from the start of activity.

These four advantages are combined under a single investment project.

(For more information see the website of the Moroccan Agency for Investment Development: www.invest.gov.ma )

Réalisé par : Marit