This article is designed to inform you about The version 2022 theGeneral Instruction on Foreign Exchange Operations (IGOC) was published this January 3.
This version is obviously the result of taking into account the various expectations of economic players and foreign investors in particular, with the aim of having regulations that are able to preserve their competitiveness in an economy that is open at regional and international level.
In this newsflash, we'll be taking you through the main liberalization and easing measures, for both current and capital transactions. So what are the new measures in the General Instruction of the Moroccan Foreign Exchange Office?
1. Supporting and encouraging innovative new technology companies (start-ups)
- Increase the e-commerce allocation to one million dirhams;
- The opportunity to invest abroad
2. Easing the rules for managing foreign currency and convertible dirham accounts for exporters :
- The possibility of paying for imports of goods and services in advance, or with an advance payment rate higher than the authorized ceiling.
- The ability to pay by international credit card for all imports of services for the exporter's business needs.
3 Relaxing the rules governing imports of goods and services :
- An e-commerce grant of up to 200,000 dirhams for Moroccan legal entities without foreign currency or convertible dirham accounts, enabling them to pay for imported services by international payment card.
- 5 %'s flexibility when it comes to down-payment settlements means there's no blockage if the authorized down-payment rate is exceeded.
- Simplification of import settlement procedures in line with changes in international trade practices.
- As a result, the reporting requirements for economic operators have been abolished.
4. Revision of the provisions governing convertible term accounts :
- The option of transferring the first tranche of 25 % immediately after the funds have been credited to the convertible term account.
- Reducing the transfer period from four to three years.
- Consolidation of the regime for foreign residents in Morocco
5. Consolidating and simplifying the rules governing endowments to individuals
- The introduction of a global personal travel allowance of MAD 100,000 plus an additional allowance of 30 % of IR, capped at MAD 300,000 per calendar year and per person.
- This endowment can be used for personal trips abroad of any kind (tourist, religious, medical, etc.).
Our legal and tax team will be happy to provide you with any further information you may require on a specific point relating to the Foreign Exchange Board 2022.
The accounting firm Fiscal & Légal Team can assist you in accounting, taxation and legal matters, for example:
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Faithfully yours,
Ilham Taha-Bouamri
Chartered accountant and tax specialist
