Annual Surge in Tax Revenues Approaching 44 Billion Dirhams
Tax revenues at the end of 2025 recorded an annual increase of 43.8 billion dirhams, marking a rise of 14.7 percent compared to the end of December 2024.
The Ministry of Economy and Finance, in its report on budget resources and expenditures for December 2025, indicated that the primary developments influencing tax revenues, whether against the budget law forecasts or compared to the end of 2024, primarily concerned corporate tax.
Data revealed that corporate tax achieved an implementation rate of 125.1 percent, with a significant increase of 20.3 billion dirhams, reflecting a growth rate of 28.6 percent.
The ministry attributed this performance mainly to the substantial rise in supplements for settlements, which increased by 6.9 billion dirhams, demonstrating a growth of 51.9 percent to reach a record level of 20.1 billion dirhams. Additionally, there was an overall increase of 14.1 billion dirhams in installments, while the amounts refunded related to this tax rose from 2.4 billion dirhams to 3.4 billion dirhams during 2025.
Regarding income tax, the implementation rate reached 107.4 percent, with an increase of 5.6 billion dirhams, equivalent to 9.4 percent. This development was mainly due to voluntary tax settlements that yielded 3.8 billion dirhams in January 2025, along with an increase in withheld income tax from capital gains of approximately 936 million dirhams, and a rise in revenue resulting from tax administration interventions by 619 million dirhams.
As for value-added tax (VAT), it recorded an implementation rate of 96.8 percent, with an increase of 8.3 billion dirhams, or 9.3 percent, resulting from heightened VAT revenues on imports of 4.8 billion dirhams and internal VAT revenues of 3.5 billion dirhams.
The same source noted that VAT refund amounts, excluding the share of local authorities, reached 14.4 billion dirhams compared to 13.6 billion dirhams at the end of 2024.
In terms of domestic consumption taxes, the implementation rate reached 112.5 percent, with an increase of 5 billion dirhams, representing an increase of 13.8 percent, primarily driven by rising revenues from taxes imposed on energy products by 2.8 billion dirhams, and on tobacco by 1.7 billion dirhams.
The growth in taxes on energy products is attributed particularly to the cancellation of the exemption stipulated in the 2025 finance law concerning domestic consumption taxes applied to coal and heavy fuel used in electricity generation, in addition to raising the applicable rates on these products.
Regarding customs duties, their implementation rate did not exceed 80.6 percent, despite an increase of 2 billion dirhams, or 12.9 percent, due to a 10 percent rise in imports intended for consumption. In contrast, registration and stamp duties recorded an implementation rate of 109.7 percent, with an increase of 2.2 billion dirhams, driven by a rise in registration fees of 1.6 billion dirhams and stamp duties of 584 million dirhams.
