The DGI in Morocco has called for businesses to electronically declare their unpaid invoices by April 1, 2024. The regulations affect companies with revenues between MAD 10 million and MAD 50 million and impose stricter requirements for those exceeding MAD 50 million. Penalties will apply on unpaid invoices from January 1, 2025, and all businesses must report, regardless of overdue debts.
Morocco’s tax authority, La Direction Générale des Impôts (DGI), has issued an urgent call for businesses to electronically submit their 2024 declarations by April 1. Companies with an annual turnover ranging from MAD 10 million ($1 million) to MAD 50 million ($5 million), excluding value-added tax (VAT), for the fiscal year ending before January 1, 2024, are particularly urged to comply. They must declare all unpaid invoices issued after January 1, 2024, which are overdue.
For companies with a turnover exceeding MAD 50 million ($5 million), stricter regulations apply. These businesses are required to submit a quarterly declaration by the end of each month following the quarter. Furthermore, the DGI cautioned that fines will be imposed on all unpaid invoices that are issued starting January 1, 2025, including those of MAD 10,000 ($1,000) or less.
The DGI emphasized the necessity for businesses to fulfill their reporting obligations, even if they do not possess overdue invoices. “The absence of unpaid invoices on time does not exempt you from the reporting obligation,” the statement asserted. In order to aid compliance, the DGI has made necessary guidelines and data exchange documents available for download on their official website.
In summary, the DGI of Morocco is urging businesses to meet strict declaration deadlines regarding unpaid invoices, with significant penalties for non-compliance. Companies must adhere to these regulations to avoid fines, irrespective of their turnover, and should utilize available resources for proper reporting. Compliance is essential, even in the absence of overdue invoices, to ensure adherence to tax obligations.
Original Source: www.moroccoworldnews.com
