Ministry: Tourism Allowance to be Associated with Income Tax
Rabat – The tourism allowance will be associated with paid tax, and the measure will be contained in the FOREX Instruction, in January 2019 that is likely to be published and implemented. Because of this the tourism allowance (capped at 40,000 dirhams each year) would increase as a function of the paid tax.
The minimum level would remain at MAD 40,000 and the surplus would equal the percentage of the paid tax and capped at MAD 100,000 or MAD 150,each year 000 per person, according to the threshold of the currency reserves.
Impact studies on Morocco’s forex reserves are being conducted to determine the linking percentage (e.g. 50 percent of the paid tax, with a cap and the very least).
Authorized intermediaries, bureaux de change, and money transfer companies duly authorized to handle manual exchange can issue a forex allocation of a maximum quantity of MAD 40,every year to Moroccans residing abroad 000, Moroccan and foreign individuals surviving in Morocco, dual nationals, and minor children holding foreign passports.