Morocco Gazettes 2020 Finance Act

The Moroccan Official Gazette Dec. 14 published the 2020 finance act. The act includes measures: 1) amending the corporate tax rate for industrial companies with profits under 100 million Moroccan dirhams (US$10.4 billion) to 28 percent from 31 percent for domestic profits, and to 20 percent from 17.5 percent for international profits; 2) requiring country-by-country reports for multinational companies with revenue exceeding 8.1 billion dirhams (US$841 million); 3) allowing a 50 percent deduction for pension insurance contributions for contracts issued before Jan. 1, 2015; 4) increasing the income allowance to 50 percent from 40 percent for professional athletes; 5) imposing ...