Morocco Lower House Considers 2024 Finance Bill

The Moroccan Chamber of Representatives Oct. 20 accepted for consideration Bill No. 55.23, the 2024 Finance Bill. The bill includes measures to: 1) exempt VAT on school supplies, medicines and their raw materials, specified food products, and military equipment for national defense; 2) progressively align VAT rates for various supplies to ensure tax neutrality for businesses, including electrical energy services, passenger transport operations, and goods transport operations, effective Jan. 1, 2024; 3) establish provisions for the VAT reverse charge regime and a new withholding tax regime, including on operations carried out by service providers, suppliers of goods, and works subject ...