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Weekly highlights

Morocco/USA: Conquering the African market together

n A continent conducive to facing the global economic recovery, in

Moroccan-US cooperation order to emerge from the repercussions
of the Coronavirus pandemic, particu-
larly in the wake of soaring commo-
n Goal: to tap into the tre- dity prices in the world and continued

mendous economic and trade disruption in some supply chains».
opportunities • Compact II
At the bilateral level, Akhannouch
n On Sahara, Bourita calls on stressed that Morocco «continues to
implement its various commitments
Europe to «step out of its com- related to the Millennium Challenge
fort zone» Program». This month of March
marks the beginning of the last year of
the five-year MCC Compact, which
M States wish to further has mobilized a budget of 460 million
orocco and the United
USD. Education, youth employability,
strengthen their partnership.
In addition to bilateral cooperation, land productivity, and land rights for
rural women are the main pillars of
Rabat and Washington aim to build During his visit to Morocco, U.S. Secretary of State Antony Blinken emphasized that Washington Compact II.
on the geopolitical changes underway. recognizes the important role Morocco plays in maintaining regional security and stability and in
This could result in the launch of a new contributing to achieving peace and prosperity in the region. Both sides are working closely together • African Lion
approach to triangular and multilate- to address regional matters such as the Sahel, Libya, and counterterrorism, he stated (Ph. MAP) In the security field, in addition to the
ral cooperation. In the aftermath of the huge opportunities offered on the eco- encompass other regions of the world, partnership in the fight against terro-
Negev Summit, devoted in particular nomic and trade front, climate, infras- including the African continent». rism, joint military exercises will conti-
to political issues in the Middle East, tructure, health or security», said Nas- nue. «Moroccan and U.S. military offi-
the visit of the U.S. Secretary of State, ser Bourita, after his meeting with the • Trade cials have already begun planning the
Antony Blinken in Rabat, which ended head of U.S. diplomacy. He believes During his meeting with the Head of African Lion exercise for this year».
last Wednesday, has identified new bu- that «the African continent is an ideal Government, Aziz Akhannouch, the This is the largest military exercise in
siness opportunities, in Morocco, but environment for Moroccan-American U.S. Secretary of State also discussed Africa. The 2021 exercise, which took
also in other countries of the continent. cooperation». It is in this context that «the prospects for developing trade and place last June, «was the largest since
«The talks focused on the Moroccan- both countries «are now considering encouraging investment initiatives». the training event began in 2004», say
American partnership in Africa, in the the best ways to strengthen coopera- The issues discussed include «the inter- the sources. o
face of potential challenges and the tion, not only bilaterally, but also to national situation and the challenges M.A.M.

Unlisted shares: the tax authorities have an eye on you

n Divestiture transactions must information at our disposal, many per- and asked to file a tax return, otherwise be remembered that thousands of ci-
sons are convinced that the administra- they may be taxed automatically. The tizens had regularized their status with
be reported online tive formalities do end with the regis- return must be made on the basis of the the Foreign Exchange Office by decla-

tration of the transfer deeds. But the tax tax administration’s printed template or ring their financial and property assets
«B Y March 31 of each year, administration monitors things closely. via its website. held abroad and by paying a contribu-
the tax result declaration
Through the use of data, the Adminis- The tax returns must be accompanied tion in full discharge of liabilities. In
and other reportings ac-
companying the balance sheet are not tration has all the necessary means to by the payment of the income tax set case of partial or complete sale of these
cross-check and trace the transfer of at 20% of the value added. Electronic assets, transferors must inform the tax
the only ones that need to be filed!», these types of shares. For that matter, filing relates to unlisted securities held administration by paying the income
warns El Mehdi Fakir, chartered ac- many taxpayers have been reminded in Morocco as well as abroad. It should tax that is here again set at 20% of the
countant, partner at the AdValue A&C value added. A rate that depends on
firm. Many taxpayers as individuals Who is targeted by this procedure? international tax treaties.
often forget to perform a required for- The tax return must contain some in-
mality in case of transfer of shares not Clearly, all civil and commercial real estate companies are therefore formation including the date of trans-
listed on the stock exchange. As a mat- transactions except those that are concerned. In fact, thousands of fer, the name of the intermediary, the
ter of fact, they do register the deeds traded on a stock exchange are transactions are carried out each nature of the transaction, the number
with the Tax Department (DGI). This concerned by the reporting require- year, some of which by way of of securities sold, the transfer price
digitalized formality is exempted from ment. In short, it concerns thousands inheritance. But many initiators of obviously, the total transfer price, and
duties. But this is not the end of the of transactions carried out each year these transactions ignore that the the transfer expenses. The tax return
story. These persons are also obliged that are off the radar of the tax autho- securities other than those listed on must also include the acquisition price
to file an online declaration concer- rities and that represent a large tax the stock exchange are not targeted per unit, the weighted average cost, the
ning these transactions, at the latest potential. Nontrading companies by the taxation. In the end, targeted total acquisition price, and other infor-
on March 31 of the year following the and unlisted commercial corpora- are all the transfers that are carried mation. In case of impairment loss, the
completion of the sale (article 84-I of tions other than predominantly real out outside the stock exchange that transferor must also report it. o
the General Tax Code). Based on the estate companies and tax-transparent has less than 80 companies listed. o Hassan EL ARIF
Friday 1st April 2022