Increase in Tax Revenues in Morocco Reaches 280.8 Billion Dirhams in Ten Months of 2025
The Ministry of Economy and Finance has reported that tax revenues in Morocco reached approximately 280.8 billion dirhams during the first ten months of 2025, marking an increase of 15.2% compared to the same period last year. The ministry, in its recent document on the treasury’s obligations and resources, indicated that the achievement rate of these revenues stood at 87.7%. Meanwhile, amounts returned and tax exemptions rose to 23.3 billion dirhams, reflecting the state’s ongoing efforts to settle value-added tax debts.
In terms of tax type, corporate tax revenues recorded a significant increase with an achievement rate of 101.5%, rising by 17 billion dirhams, primarily driven by a 53.7% increase in settlement amounts, reaching 19.9 billion dirhams, in addition to an improvement of the first three payments by 10.6 billion dirhams. The income tax saw an improvement of 1.8%, with an achievement rate of 91.9%, supported by voluntary tax settlements generating 3.8 billion dirhams in January 2025, alongside an increase in tax administration revenues by 2 billion dirhams and a deduction from the tax on capital gains of 893 million dirhams.
Regarding value-added tax, revenues rose by 6.7 billion dirhams, with an achievement rate of 79%, resulting from an increase in tax revenues from imports by 3.7 billion dirhams and from domestic transactions by about 3 billion dirhams. Internal consumption taxes increased by 4.5 billion dirhams, with an achievement rate of 91.2%, primarily supported by rising revenues from energy products and tobacco. Conversely, customs revenues decreased by 1.1 billion dirhams due to the elimination of tariffs on cattle and sheep imports. Additionally, revenues from registration and stamp duties rose by 1.9 billion dirhams, achieving an accomplishment rate of 89.4%.
According to the statistical document, the budget deficit during the first ten months of 2025 reached approximately 60.3 billion dirhams, compared to 47.4 billion dirhams during the same period last year, driven by increased expenditures (+56.3 billion dirhams) which surpassed the increase in revenues (+43.4 billion dirhams). The document revealed that ordinary revenues, after accounting for exemptions and reimbursements, amounted to 334.1 billion dirhams, with an achievement rate of 84.5%, distributed across tax revenues (280.8 billion dirhams), non-tax revenues (49.4 billion dirhams), and some special treasury accounts (3.9 billion dirhams).
As for ordinary expenditures, they reached 298 billion dirhams by the end of October 2025, with an achievement rate of 84.2%, including 244 billion for goods and services, 38 billion for public debt, and 16 billion for subsidies, resulting in an ordinary surplus of 36.1 billion dirhams. Investment expenditures totaled 86.2 billion dirhams, with an achievement rate of 81.6% compared to the financial law forecasts for 2025, while special treasury accounts recorded a negative balance of 10.2 billion dirhams, compared to a negative 1.8 billion dirhams at the end of October 2024.
The statistical document issued by the Ministry of Economy and Finance provides a clear indicator of the implementation of the financial law’s forecasts, with a precise comparison of the achievements recorded during the same period last year, reflecting the ongoing dynamics of public revenues and expenditures in Morocco.
