Morocco’s Tax Authority Urges Timely Declaration of Unpaid Invoices

The DGI of Morocco urges businesses to declare unpaid invoices by April 1, 2024, affecting those with turnovers from MAD 10 million to MAD 50 million. Penalties for unpaid invoices will apply starting January 1, 2025. The DGI also mandates that businesses file declarations even without overdue invoices, providing guidelines on their official website.

Morocco’s tax authority, La Direction Générale des Impots (DGI), has issued a statement urging businesses to electronically submit their 2024 declarations by April 1. Companies must also ensure any applicable fines are settled by this deadline. This directive affects businesses with an annual turnover ranging from MAD 10 million ($1 million) to MAD 50 million ($5 million), excluding value-added tax (VAT), for the fiscal year concluding before January 1, 2024.

These businesses are required to declare all invoices issued post-January 1, 2024, that remain unpaid beyond the legal due date. Furthermore, for enterprises with turnover exceeding MAD 50 million ($5 million), a stricter obligation is imposed; they must submit quarterly declarations by the end of the month following each quarter.

The DGI emphasized that penalties will be enforced for all unpaid invoices issued from January 1, 2025, regardless of whether the invoice amount is MAD 10,000 ($1,000) or less. Additionally, businesses are still required to file declarations even if there are no overdue invoices. The statement highlighted, “The absence of unpaid invoices on time does not exempt you from the reporting obligation.”

To assist with compliance, the DGI has made available necessary guidelines and data exchange documents for download from its official website, facilitating the process for businesses.

In summary, Morocco’s DGI has made a compelling call for businesses to declare unpaid invoices electronically by April 1, 2024. It stresses compliance among companies, particularly those with higher turnover levels, and highlights the penalties for noncompliance. Awareness of these regulations is essential for businesses to avoid incurring any fines and to ensure proper adherence to tax obligations.

Original Source: www.moroccoworldnews.com