Global Forum On Transparency and Exchange of Information For Tax Purposes Peer Reviews: Morocco 2015
Global Forum On Transparency and Exchange of Information For Tax Purposes Peer Reviews: Morocco 2015
Global Forum On Transparency and Exchange of Information For Tax Purposes Peer Reviews: Morocco 2015
Global Forum
on Transparency
and Exchange
of Information for Tax
Purposes Peer Reviews:
Morocco 2015
PHASE 1: LEGAL AND REGULATORY FRAMEWORK
May 2015
(reflecting the legal and regulatory framework
as at March 2015)
Series: Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews
ISSN 2219-4681 (print)
ISSN 2219-469X (online)
OECD 2015
You can copy, download or print OECD content for your own use, and you can include excerpts from OECD
publications, databases and multimedia products in your own documents, presentations, blogs, websites and
teaching materials, provided that suitable acknowledgment of OECD as source and copyright owner is given.
All requests for public or commercial use and translation rights should be submitted to [email protected].
Requests for permission to photocopy portions of this material for public or commercial use shall be addressed
directly to the Copyright Clearance Center (CCC) at [email protected] or the Centre franais dexploitation du
droit de copie (CFC) at [email protected].
TABLE OF CONTENTS 3
Table of Contents
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
4 TABLE OF CONTENTS
Summary of Determinations and Factors UnderlyingRecommendations 69
Annex 1: Jurisdictions response to the review report 73
Annex 2: List of all exchange of information mechanisms inforce 74
Annex3: List of all laws, regulations and other material received 80
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Executive Summary 7
Executive Summary
1.
The present report summarises Moroccos legal and regulatory
framework for transparency and exchange of information for tax purposes.
The international standard, which is set out in the Global Forums Terms
of Reference to Monitor and Review Progress Towards Transparency and
Exchange of Information, is concerned with the availability of relevant information within a jurisdiction, the competent authoritys ability to gain access
to that information, and in turn, whether that information can be effectively
exchanged with its exchange of information partners.
2.
In Moroccan law, information about the ownership of shares of
Moroccan companies with share capital and the identity of shareholders
is available on incorporation and on registration of such companies in the
commercial register. This information is updated when there is a transfer
ownership. There is no legal requirement for non-resident companies to keep
information from which their owners may be identified.
3.
Moroccan law allows limited companies and limited partners of partnerships limited by shares to issue bearer shares. However, the arrangements
in place do not ensure that information about their owners is available under
all circumstances.
4.
Information about the members of partnerships and persons involved
in a foundation and about foreign trusts is generally available in Morocco.
However, there are no legal obligations for non-resident partnerships to keep
ownership information. In addition, there are no penalties to enforce a certain
number of legal requirements relating to the ownership and the identity of the
owners of relevant entities. Element A.1 is therefore evaluated as not being
in place.
5.
Accounting information is available under accounting and tax law.
Legal requirements to retain accounting information apply to all persons
having trader status and to all taxpayers liable to corporate tax, value added
tax and tax on natural persons with professional income. Banking information is also available under anti-money laundering legislation.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
8 Executive Summary
6.
The right to information and the right of inspection provided for in
the Moroccan Tax Code give the Moroccan tax authorities extensive powers
of access to accounting, banking information and information about the
ownership of legal entities. They are also empowered to control declarations
and documents used in order to assess taxes and duties through the right of
inspection.
7.
Inter alia, these powers enable the tax authorities to request relevant
information from any taxpayer, third party or other administration in order
to assess and control taxes and duties. These information-gathering powers,
which originate in Moroccan domestic law, apply to all international conventions pursuant to the principle that international conventions take precedence
over domestic law. However, there are no provisions, in Moroccan domestic
law, which allow lifting the professional secrecy of notaries and statutory
auditors, in order for tax authorities to access information from these professionals, for international exchange of information. A recommendation to that
effect was made and elementB.1 is evaluated as in place, but certain aspects
of the legal implementation of the element need improvement.
8.
Morocco has an extensive network of exchange of information
agreements in the form of bilateral or multilateral conventions. Morocco
is a signatory to the joint OECD/Council of Europe Convention on Mutual
Administrative Assistance in Tax Matters and to the Convention between the
states of the Arab Maghreb Union for the avoidance of double taxation and
mutual assistance with respect to taxes on income.
9.
Morocco currently has a network of information exchange agreements covering 108jurisdictions, of which 53 are in force. Considering all
the information exchange agreements concluded by Morocco, the country
has information exchange agreements compliant with the standard with
106jurisdictions and can already exchange information in compliance with
the standard with 42 of them.
10.
Moroccos response to the conclusions and factors underlying the
recommendations of the present report, as well as the practical implementation of its legal and regulatory framework by the competent authorities, will
be assessed in detail during the Phase2 peer review scheduled for the second
quarter of 2015.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Introduction 9
Introduction
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
10 Introduction
Overview of Morocco
14.
The Kingdom of Morocco lies in the north-west of Africa. The mainsprings of the Moroccan economy are agriculture, extractive industries and
phosphate processing, textiles, food processing, tourism and fishing.
15.
Morocco had a population of 33million in 2013 and an unemployment rate of 9.2%. GDP amounted to MAD882billion1 (EUR80billion),
with an annual growth rate of 4.4% and inflation of 1.9%.
1.
At 9October 2014, the exchange rate for the Moroccan dirham and the euro was
MAD1 = EUR0.0903.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Introduction 11
the administrative order, which hears disputes between users and the
administration, including the tax authorities.
22.
General or specialist courts are created by statute; extraordinary
courts may not be created. Specialist jurisdictions include the Court of
Auditors, which exercises supreme oversight over public finances. Its task
is to safeguard the principles and values of good governance, transparency
and accountability. Regional audit offices are responsible for overseeing the
accounts and financial management of local authorities.
Tax system
23.
Morocco has both national and local taxes. They comprise corporate
tax, income tax, value added tax, registration and stamp duty, customs duty
and domestic consumption taxes.
24.
Corporate tax is levied on the income and profits of companies with
share capital, public corporations and other legal persons which conduct
business for profit and, optionally, partnerships whose members are natural
persons only.
25.
Companies resident in Morocco are taxed on a territorial basis on
income related to their activities. Companies not resident in Morocco are
liable to tax in Morocco on their income of Moroccan origin. The standard
corporate tax rate is 30%. A 37% rate is levied on credit institutions, finance
companies, the central bank, and the Caisse de Dpt et de Gestion and
insurance and reinsurance companies. Non-resident companies are taxable
in Morocco on their proceeds, profits and income from the assets they possess, the activities they carry on and the transactions they perform for profit
in Morocco.
26.
Income tax is levied on the income and profits of natural persons and
partnerships that have not opted for corporate tax. The income concerned
is professional income, salaried income, income and profits from property,
income and profits from investments and farm income.
27.
Natural persons domiciled for tax purposes in Morocco are liable
to tax on their income of Moroccan and foreign origin. Natural persons not
domiciled for tax purposes in Morocco are liable to tax only on their income
of Moroccan origin. A natural person is domiciled in Morocco for tax purposes where he/she has its permanent home or the centre of its economic
interests in Morocco or where he/she is resident in Morocco, continuously
or not, for more than 183days in a 365-day period. The income tax scale is
progressive up to a top rate of 38%. Specific rates may also apply in certain
cases.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
12 Introduction
28.
Value added tax (VAT) is levied on industrial, craft and commercial
activities, construction work and property development, professional services
and imports. The standard rate of VAT is 20%, but reduced rates of 14%, 10%
and 7% apply in certain cases.
Anti-money laundering
34.
The legal framework for the prevention of money laundering and the
financing of terrorism was introduced in Morocco in 2003 with the adoption
of Act 03-03 on the prevention of terrorism. In 2007, Morocco adopted Act
43-05 on the prevention of money laundering, amended and supplemented by
Act 145-12 of 2May 2013.
35.
These laws, promulgated between 2007 and 2013, led to the creation
of a Financial Intelligence Unit, the Unit de Traitement des Renseignements
Financiers (UTRF), and an amendment of the Penal Code. The UTRF is
Moroccos AML/CTF unit.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Introduction 13
36.
Other circulars subsequently set out the terms and conditions for
exercise of the duty of care, such as the Bank Al-Maghrib circular of 18April
2012 and the Insurance and Social Welfare Directorate circular of 4July 2011.
37.
In addition to making terrorist financing and money laundering a
criminal offence, the Anti-Money Laundering Act, at Article3, requires all
those concerned (banks, notaries, financial intermediaries and other depositaries) to gather all the necessary information to identify their customers
among owners of partnerships of companies with share capital.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
A. Availability of information
Overview
39.
Effective exchange of information requires the availability of reliable
information. In particular, it requires information on the identity of owners
and other stakeholders in an entity or arrangement as well as information on
the transactions carried out by entities and other organisational structures.
Such information may be kept for tax, regulatory, commercial or other reasons. If such information is not kept or the information is not retained for
a reasonable period of time, a jurisdictions competent authority may not
be able to obtain and provide it when requested. This section of the report
assesses the adequacy of Moroccos legal and regulatory framework on availability of information.
40.
The articles of association of all Moroccan companies must contain
information about the ownership of shares and the identity of shareholders.
Under the provisions of the Moroccan Commercial Code, all persons carrying
on a commercial activity in Morocco must register in the commercial register.
41.
Only socits anonymes (limited companies) are required to keep a
register of shares relating to subscriptions and transfers of each category of
registered shares. Nevertheless, other companies are required to amend their
articles of association when shares are transferred; the amended articles of
association must then be filed again and made public. Ultimately, the registration duties applicable to all disposals or transfers of shares ensure that the
tax authorities have up-to-date information about the ownership of shares.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
2.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Under the law on limited companies, it is also possible to create simplified limited companies (socit anonyme simplifie, SAS), which
are companies incorporated as legal persons in order to create or
manage a joint subsidiary or to create a company which will become
their joint parent. The members of an SAS must have capital equal to
at least MAD2million (EUR181000).
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
transport;
building and civil works, water, gas and electricity distribution, post
and communications;
all operations relating to ships and aircraft and their accessories and
all operations relating to the operation of ships and aircraft and maritime and airborne commerce.
56.
Trader status also results from the regular or professional exercise of
any activity that may be assimilated to those listed above (Articles6 to 8 of
the Commercial Code).
57.
Article45 of the Commercial Code states that the application to register a commercial company must include:
the name and first name of members, other than shareholders and
limited partners, their date and place of birth, nationality and national
identity number or, for resident foreigners, the number of their registration card or, for non-resident foreigners, the number of their passport or
any other equivalent identity document;
the registered office and, where relevant, the places where the company has branches in Morocco or abroad;
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
the names of the members or third parties authorised to administer, manage and sign for the company, their date and place of birth,
nationality and national identity number or, for resident foreigners, the
number of their registration card or, for non-resident foreigners, the
number of their passport or any other equivalent identity document;
the amount of the share capital and, if it is variable, the amount below
which the capital may not be reduced;
the date at which the company started and the date at which it must
end;
the date and reference number of the filing of the articles of association with the court registry. For limited liability companies, two
copies of the articles of association must be filed (Article95 of the
law on partnerships, limited liability companies and joint ventures).
58.
Article50 of the Commercial Code states that any change to or
amendment of the information provided on registration must be notified to
the court registry within one month of the change (articles95, 96 and 97 of
the law on partnerships, limited liability companies and joint ventures). Only
registration in the commercial register confers legal personality on companies (Article7 of the law on limited companies and Article2 of the law on
partnerships, limited liability companies and joint ventures). Article26 of
the Commercial Code states that the originals of correspondence received
and copies of correspondence sent must be filed and kept for 10years as of
their date.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
61.
With regard to limited liability companies and partnerships limited
by shares, Article5 of the law on partnerships, limited liability companies
and joint ventures states that the articles of association must state the name,
first name and domicile of each of the members of the companies to which
the law applies, otherwise they will be void. Under Article97 of the same
law, all acts, deliberations or decisions amending the articles of association are subject to the same filing and publication conditions as set forth at
Article95 and 96. Consequently, any change in the ownership of shares
entails an amendment of the articles of association, which must be filed
again with the registry of the court of the place where the company has its
registered office.
Tax requirements
62.
All taxpayers in Morocco, whether taxable or exempt, must send
a declaration of existence within 30days following the date either of their
incorporation, in the case of a Moroccan company, or of their installation, in
the case of a non-resident enterprise, to the tax office of the place where they
have their registered office or principal establishment in Morocco or of their
domicile for tax purposes (Article148 of the Moroccan Tax Code).
63.
For a Moroccan company liable to corporate tax, the declaration must
include:
the legal form, company name and the place where the company has
its registered office;
the name and first names, status and address of the companys managers or representatives authorised to act on its behalf;
64.
the company name and the place where the company has its registered office;
the name and first names or company name, the profession or business
and the address of the natural or legal person resident in Morocco that
is accredited with the tax authorities.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Principal shareholders or partners mean the one one who holds the largest number
of shares in the company or partnership.
Property investment companies (socits prpondrance immobilire) are companies incorporated under one of the legal forms available in Morocco. Property
investment companys main activity is to hold real estate (at least 75% of the
value of its assets).
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
70.
Article211 of the Moroccan Tax Code states that taxpayers are
required to keep all documents provided for by the prevailing laws and regulations for ten years at the place where they are taxed.
Foreign companies
74.
Foreign companies carrying on a commercial activity in Morocco
are subject to the same formalities for registration in the commercial register
as Moroccan companies. The same applies to Moroccan branches on foreign
companies (Articles37 and 41 of the Commercial Code). The information
to be provided to the registry for registration purposes is the same as for
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Bank Al-Maghrib;
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
members of an independent legal profession who take part in a financial or property transaction in their customers name and on his or
her behalf, or who help their customer to prepare or carry out operations relating to:
-
81.
Where the customer is a legal person, persons governed by the Act
must, by means of the necessary documents and indications, verify all information concerning its name, legal form, activity, the address of its registered
office, its share capital, the identity of its managers, the powers of persons
authorised to represent it with regard to third parties or to act on its behalf by
virtue of a power of attorney and the beneficial owners (Article3).
82.
ascertain the identity of principals for the performance of transactions whose beneficiary is a third party;
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Conclusion
89.
In conclusion, under the process for incorporating and registering companies in Morocco, information about the ownership of shares and
the identity of shareholders at the time of incorporation is contained in the
articles of association and provided to the registry of the court of the place
where the company has its registered office. Moroccan law also ensures that
such information is updated, for limited companies and simplified limited
companies through the register of shareholders, and for property investment
companies through the annual tax return, or for limited liability companies
and partnerships limited by shares by amendment of the articles of association. In addition, the tax authorities are informed of any transfer of shares
by means of the registration duty. Under the Anti-Money Laundering Act,
persons governed by its provisions are required to identify their regular or
occasional customers, all traders must open an account with a bank or a
postal cheque centre and all nominees must identify their customers and
beneficial owners.
90.
Non-resident companies are not required to keep up-to-date information about the ownership of their shares and the identity of shareholders. It is
recommended that Morocco should ensure that non-resident companies are
required to keep up-to-date information about the ownership of their shares
and the identity of shareholders.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Article152 of the Moroccan Tax Code states that taxpayers who pay
dividends must file a declaration with the tax authorities containing certain items of information, including the identity of dividend
recipients and their address or tax identification number.
93.
Transfer of bearer shares is also liable to compulsory registration
duties, whether they are verbal or written and whatever the form of the
instrument by which they are ascertained. Under Article128 of the Moroccan
Tax Code, transfers must be registered and duty paid (4% of the transfer
price) within 30days. Penalties are applicable for non-compliance with this
obligation (Article184 of the Moroccan Tax Code). However, it is not clear
that this measure is sufficient as the tax authorities have no means to verify
whether bearer shares have been transferred or not. In addition, Moroccan
authorities were unable to provide statistics on the number of limited companies and limited partners of partnerships limited by shares that may issue
bearer shares or the possible number of bearer shares in existence.
94.
Although there are arrangements which require the availability of
this information, the mechanisms in place do not ensure the identification
of the holders of bearer shares under all circumstances. It is recommended
that Morocco should take the necessary steps to ensure that appropriate
arrangements are in place to identify the owners of bearer shares under all
circumstances.
Partnerships (ToRA.1.3)
95.
Three types of partnership may be created in Morocco, namely socits en nom collectif (general partnerships, SENC), socits en commandite
simple (limited partnerships, SECS) and socits en participation (joint ventures, SP). They are governed by Act 5-96 on partnerships, limited liability
companies and joint ventures as amended by Acts 82-99, 21-05 and 24-10.
An SENC is one in which all the partners are traders with indefinite
and joint liability for the partnerships debts. The partnership has
a name, which may include the name of one or more partners and
must be immediately preceded or followed by the words Socit en
nom collectif. Partnerships with sales in excess of MAD50million
(EUR4.5million) at the end of the business year must appoint at
least one auditor. Shares are nominative and may be transferred only
with the consent of all the partners.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
96.
Act 5-96 on partnerships, limited liability companies and joint ventures applies to general partnerships and limited partnerships in the same
way as to limited liability companies and partnerships limited by shares.
As explained in SectionA.1.1 on these companies, the Act provides that the
articles of association must state the name, first name and domicile of each
partner or, if it is legal person, its name, legal form and the place where it has
its registered office, and be signed by all the partners, otherwise the company
is void (Article5 for general partnerships and Articles21 and 23 for limited
partnerships).
97.
In addition, Article1 of Act 5-96 states that Article31 of the law
on limited companies applies to the companies and partnerships governed
by the law on partnerships, limited liability companies and joint ventures.
Consequently, those companies and partnerships are required to file a list
of subscribers stating their name, first name, address, nationality, status and
profession, the number of shares subscribed and the amount of payments
made by each one with the registry of the court where the company has its
registered office, failing which the application to register the company in the
commercial register will be rejected.
98.
For general partnerships and limited partnerships, Article15 of the
law on partnerships, limited liability companies and joint ventures states
that the shares are nominative and may be transferred only with the consent
of all the partners (Article27 for limited partnerships). In addition, share
transfers must be made in writing, failing which they are void. They must be
notified to the company in order that they may be relied on, but notification
may be replaced by the filing of a copy of the transfer deed (Articles16 and
21). They must also be published in the commercial register in order that they
may be relied on against third parties (Articles17 and 21). The provisions of
these articles are confirmed in Article195 of the Code of Obligations and
Contracts, which states that in order to be relied on against third parties,
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Foreign partnerships
102. Partnerships created in another jurisdiction which carry on a commercial activity in Morocco are not under any legal requirement to keep
information about share ownership. The information will be available in
documents relating to the creation of the partnership only if that is a requirement in the jurisdiction where the partnership was created. The same applies
to updates of such information following a transfer of shares.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
The notion of principal partner is assessed with reference to the share capital
except in the case of a limited partnership. The principal partner is the one who
holds the largest number of shares. The shares to be taken into consideration
include not only those that are the personal property of each partner but also
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Conclusion
112. Information about the owners of partnerships must be included in
the articles of association and filed with the application for registration.
Share transfers must be notified to the partnership, which must keep a copy
of such correspondence. The articles of association must also be amended
those that belong to their spouses, partners or minor children. Where the share
capital is divided equally between all the partners, the principal partner is the one
who acts as manager. Where the manager is not chosen from among the partners
or where the management is entrusted to several partners, the principal partner
is: (i)the one who, by his collaboration and active involvement in the companys
administration appears to be the person most interested in the smooth operation
and development of the enterprise; or (ii)the one who offers the best guarantee
with regard to collection of tax. The characteristics of management are defined
according to the companys legal form. In the event of equal shares, it is Circular
no. 717 relating to the Moroccan Tax Code which defines the principal partner
(p.242). 1-2-Definition of the principal partner.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
and published again in the commercial register so that they may be relied
on against third parties. However, foreign partnerships are not under any
legal obligation to keep information about the ownership of their shares.
Consequently, in Morocco information on the ownership of partnerships and
the identity of the owners is available, except for foreign partnerships.
Trusts (ToRA.1.4)
113. There is no provision for the constitution of trusts in Moroccan law
and Morocco is not a signatory of the Hague Convention of 1July 1985 on the
Law Applicable to Trusts and on their Recognition. However, there is nothing in Moroccan law to prevent a Moroccan resident from acting as trustee or
administrator of a trust created under the laws of another country.
114. However, a lawyer or any other professional acting as trustee for a
foreign-law trust would fall within the scope of Moroccan anti-money laundering legislation, since all professionals will likely be caught by the broad
scope of AML coverage. Under Article3 of the Anti-Money Laundering Act,
persons governed by the provisions of the Act are required to gather all the
necessary information to ascertain and verify the identity of their regular or
occasional customers and of beneficial owners.
115. The Act applies to lawyers, notaries, auditors, external accountants
and tax advisers as well as banks, financial holding companies, financial
asset management companies and service providers involved in the creation,
organisation and domiciliation of enterprises. Pursuant to Article7, persons
governed by the provisions of the Act must keep documents relating to the
identity of their regular or occasional customers for ten years as of the date
on which they close their account or cease to have relations with them. From
a tax standpoint, trustees of a foreign trust who are resident in Morocco are
taxed on their global income, thus including the income of the trust (under
Article23-I-1 of the Moroccan Tax Code).
116. In conclusion, professionals acting as trustees in Morocco are required
to identify their customers, whether settlors or beneficiaries. A Moroccan nonprofessional trustee is not covered by AML obligations. Although providing
such services should generate taxable income and trigger an obligation to keep
information substantiating the tax position of the person concerned, information on the settlor and beneficiaries of the trust might not be kept by such
trustee in all instances. It is considered that this situation is likely to be rare and
not likely to prevent effective EOI. This matter will be examined in practice in
Phase2 of the review.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Foundations (ToRA.1.5)
117. The notion of foundation is not defined in Moroccan law. However,
associations exist which call themselves foundations. They are governed
by the provisions of Dahir 1-58-376 of 15November 1958 regulating the right
of association, as amended and supplemented. Article1 of the Dahir defines
an association as the agreement by which two or more persons pool their
knowledge or activity for a purpose other than to share the profits.
118. Entities also exist, created by specific statutes and calling themselves
foundations, which have a charitable, scientific, cultural, literary, sporting
education, educational or healthcare purpose.
119. Article5 of the above-mentioned Dahir states that associations must
file a declaration at the headquarters of the competent local administrative
authority containing:
the name, first name, nationality, age, date and place of birth, profession and domicile of the officers of the association;
copies of their national identity card or, for foreigners, their residence
permit and copies of their criminal record.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
(Article148 of the Moroccan Tax Code). Under Article20, they are also
subject to the same declaration requirements because they are treated as
companies for the purposes of tax law (Article2III).
Conclusion
123. Given the non-profit nature of Moroccan associations calling themselves foundations and the prior declaration and tax obligations they are
required to fulfil, Moroccan law ensures that information about their founders and the members of their board is kept.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Tax legislation
131. Non-compliance with the obligation on all taxpayers, taxable or
exempt, Moroccan or non-resident, to file a declaration of existence within
the given time is punishable by a fine of MAD1000 (EUR90). Under
Article184 of the Moroccan Tax Code, filing an inaccurate declaration is
punishable by the same penalty (Article188).
132. A discretionary tax assessment may be made in the event of failure
to file a tax return or filing an incomplete or insufficient return. A 15%
surcharge is applied to the discretionary assessment for failing to file the
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
tax return (on the amount of the discretionary assessment) or filing it late
(Article184 of the Moroccan Tax Code).
133. For property investment companies, failure to produce a list naming
all their shareholders within the given time limit and at the same time as their
tax return is punishable by a fine of MAD10000 (EUR903). If the list contains omissions or errors, a fine of MAD200 (EUR18) is imposed for each
one; however, the fine may not exceed MAD5000 (EUR452) (Article199
of the Moroccan Tax Code).
134. The penalty for failing to comply with the registration formalities
and pay the duties applicable to verbal or written agreements, in the form of
private or notarial deeds, relating to transfers inter vivos, free of charge or
for valuable consideration, such as the sale, gift or exchange of shares in economic interest groupings, shares in companies not listed on a stock exchange
and shares in property companies or property investment companies is set
forth at Articles184 and 208 of the Moroccan Tax Code. The penalty for
non-compliance or late compliance is a 15% increase in the duties payable
(Article184) and a penalty of 10% (and an increase of 5% for the first month
and 0.5% per month or part of a month thereafter) for late payment of registration duties.
Conclusion
136. Generally speaking, the penalties in force in Morocco to ensure the
availability of information on ownership seem sufficiently dissuasive to
ensure compliance with the statutory requirements. However, there are no
penalties to enforce the obligation for limited companies, to maintain a share
register (Article254 of the law on limited companies) and the obligation, for
companies, to file and keep, for 10years, the originals of correspondence
received and copies of correspondence sent (Article26 of the Commercial
Code). It is recommended that Morocco ensures that penalties for noncompliance with legal provisions relating to the identification of the owners
of relevant entities exist under all circumstances.
7.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Recommendations
137. Jurisdictions should ensure that reliable accounting records are kept
for all relevant entities. Accounting records must (i)correctly record all transactions, (ii)be such that the financial situation of the entity or arrangement
may be determined with reasonable precision at any time, and (iii)enable the
preparation of financial statements. Accounting records must also be supported by underlying documentation, such as invoices, contracts, etc., and be
retained for at least five years. The sources of Moroccan accounting law are
Act 9-88 on accounting requirements for traders, the Commercial Code and
the Moroccan Tax Code.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Persons governed by the Accounting Requirements Act whose annual sales are
less than MAD10million (EUR902000) are exempt from the requirement
to prepare a cashflow statement, statement of changes in financial position or
notes to the accounts (Article21). If, due to situations specific to the enterprise,
the application of an accounting rule does not give a true and fair view of the
enterprises assets and liabilities, financial situation or results, an exception may
made. If that is the case, the exception is mentioned in the notes to the financial
statements, stating the reasons (Article19). Enterprises may also derogate from
the rules of the Accounting Requirements Act if some or all of their operations
are discontinued (Article20).
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Taxpayers that have opt for one of the three schemes must keep underlying
documents of the purchases (article6 of the finance law 2015, modifying the
Moroccan Tax Code, law no.100-14). Nevertheless, as traders, they are subject
to accounting obligations of the Commercial Code, as described above.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
sales of less than MAD2million (EUR181000) and taxpayers who are service providers or professionals with annual sales of less than MAD500000
(EUR45000).
148. The lump-sum profit scheme applies to taxpayers in commercial, industrial, craft or fishing professions with annual sales of less than
MAD1million (EUR90500) and taxpayers who are service providers with
annual sales of less than MAD250000 (EUR22500). Taxpayers engaged in a
regulated profession or activity are excluded from the lump-sum profit scheme.
149. The self-employment scheme applies to taxpayers in commercial,
industrial, craft or fishing professions with annual sales of less than
MAD500000 (EUR22500) and to service providers with annual sales of
less than MAD200000 (EUR18000).
150. Article147 of the Moroccan Tax Code states that non-resident enterprises which have a permanent activity in Morocco must keep the accounts
of all the transactions they carry out in Morocco at the place where they have
their main place of business, in compliance with Moroccan law. Non-resident
companies that have opted for flat-rate corporate tax must keep a register of
payments received and transfers, a register of salaries paid to Moroccan and
foreign employees, including the related social security contributions, and a
register of fees, commission, brokerage fees and other similar remuneration
paid to third parties in Morocco or abroad. Under Article1 of the Accounting
Requirements Act, if non-resident companies are trading companies or if
their transactions are liable to VAT, they must also comply with the provisions of the Act.
151. The financial statements constitute accounting and tax packages
which must be produced within three months of the end of the business year.
They must be filed with the court registry for public information purposes
and with the tax authorities for taxation purposes.
152. Article20 of the Moroccan Tax Code states that the tax return must
include annexes, a list of which is drawn up by regulation. Finance Ministry
order no. 297-88 of 6 rejeb 1408 (24February 1988) on the annexes that
companies are required to provide to the administration in support of their
tax return states that the following documents must be submitted to the tax
administration:
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
a statement of overheads;
a statement of provisions;
a statement of leases;
a statement of shareholdings;
153. Article145 of the Moroccan Tax Code extends the provisions of the
Accounting Requirements Act to all taxpayers liable to tax, even if they do
not have trader status. The accounting requirements arising from tax law also
apply to partnerships and professionals acting as trustees for a foreign trust.
Foundations, which have the legal form of associations, are also subject to the
accounting rules set forth at Articles145 to 147 of the Moroccan Tax Code,
because under Article2-III of the Code they are treated as companies for the
purposes of its application.
154. Under Article211 of the Moroccan Tax Code, taxpayers are required
to keep the necessary documents for a tax audit for ten years at the place
where they are taxed. The penalties for non-compliance with the requirement to keep the accounting records set forth at Articles145 and 146 of the
Moroccan Tax Code are set forth at Article191 of the Code. Article191 of the
Moroccan Tax Code sets out the penalties for failure to comply with requirements to keep accounting records: MAD2000 (EUR180) for each days
delay and a daily fine of MAD100 (EUR9) up to a limit of MAD1000
(EUR90) for taxpayers who fail to present the accounting records and supporting documents referred to at Articles145 and 146 of the Moroccan Tax
Code. However, there is no penalty for failing to keep records for the ten-year
period stipulated at Article211. However, failure to keep accounting records
and supporting documents may entail the loss of certain tax deductions and
VAT credits. It may also entail rejection of the accounts and discretionary
assessment of tax for periods not time-barred.
155. Offshore banks, in addition to complying with the legal, accounting
and tax requirements described above, must also submit their financial statements together with an external auditors report to the committee responsible
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
for offshore banks (Article125 of the law on offshore financial centres,). The
committee comprises a representative of the finance ministry, a representative of the central bank and a representative of the foreign exchange office
(Article23 of the law on offshore financial centres). The penalty for failure to
comply with this requirement is loss of offshore bank status. Offshore companies, whether banks or holding companies, are liable to the same legal and
tax requirements with regard to accounting than any other entities.
Conclusion
156. In view of both its accounting and its tax legislation, Morocco ensures
the availability of accounting information from which it is possible to accurately trace all transactions, assess the financial position of all relevant entities
and prepare financial statements for them. Morocco must however ensure that
sanctions for non-compliance with the record keeping obligations for relevant
entities. Whether the sanctions applicable for non-compliance with the record
keeping obligations are effective will be assessed during the Phase2 review.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
165. Article5 of the Act states that banks are required to regularly update
their customer files. The Act does not give any definition of the term customer. The authorities said that customer means any natural or legal
person who receives a good or service from an enterprise. If the identity of
customers and beneficial owners cannot be verified, or if it is incomplete or
plainly fictitious, persons governed by the Act must not perform transactions
(Article4) or enter into or continue business relations (Article5).
166. With regard to persons governed by the Act that are legally authorised to open accounts, they must, before opening an account, ascertain and
verify the identity of the persons in favour of whom it is opened, when they
consider that the persons who have asked for the account to be opened were
not acting on their own behalf. In addition, they may not open anonymous
accounts or accounts in fictitious names (Article6).
167. Persons governed by the Act must keep documents relating to transactions carried out by their customers for ten years as of the execution date.
They must also keep documents relating to the identity of their regular or
occasional customers for ten years as of the date on which they close their
account or cease to have relations with them (Article7).
168. The supervisory authority for banks with regard to compliance with
anti-money laundering requirements is the central bank, Bank Al-Maghrib.
169. Persons governed by the Act and, where applicable, their managers
and agents who fail to comply with the requirements described in this section
are liable to a fine of MAD100000 to 500000 (EUR9000 to 45000) in
accordance with Article28. Criminal or regulatory penalties may also apply
in application of Article1 of the Anti-Money Laundering Act and Book III,
TitleI, Chapter IX of the Penal Code approved by Dahir 1-59-413 of 28 joumada II 1382 (26November 1962).
170. Banks and other financial institutions are subject to the same recordkeeping requirements as all other trading entities and taxpayers, as stipulated
in Moroccan accounting and tax law and as described in SectionA.2.
171. In conclusion, with regard to banking activity, Moroccos anti-money
laundering legislation ensures the availability of information about identity
and ownership and of financial and accounting information for ten years.
Conclusion and factors underlying the recommendations
Phase1 conclusion
The element is in place.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
B. Access to information
Overview
172. A variety of information may be needed in a tax enquiry and
jurisdictions should have the authority to obtain all such information. This
includes information held by banks and other financial institutions as well as
information concerning the ownership of companies or identity of interest
holders in other persons or entities, such as partnerships or trusts, as well
as accounting information in respect of all such entities. This section of the
report examines whether Moroccos legal and regulatory framework gives
the authorities powers that cover all relevant persons and information and
whether taxpayers rights and safeguards are compatible with the effective
exchange of information.
173. The competent authority for exchange of information requests
received by Morocco is the Finance Minister, who may delegate this power
to one or more persons. The Moroccan authorities use the powers available
to them for domestic tax matters for the purposes of international exchanges
of information.
174. Under the provisions on the right to information and the right of
inspection in the Moroccan Tax Code, the Moroccan tax authorities have
extensive powers of access to accounting and banking information and to
information on the ownership of legal entities. The tax authorities also have
a power to control declarations and instruments used to determine taxes and
duties.
175. With these powers, the tax authorities may, inter alia, ask any taxpayer, third party or other administration to provide appropriate information
in order to assess and control taxes and duties. These collection powers,
which have their origin in Moroccan domestic law, also apply to any request
for information under an international convention, in accordance with the
principle that international conventions take precedence over domestic law, as
provided for in the Moroccan Constitution. However, there are no provisions,
in Moroccan domestic law, which allow lifting the professional secrecy of
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
official documents or accounting records held by government agencies, local authorities, public corporations and any organisation under
state control, given that professional secrecy may not be asserted as a
ground for withholding them;
books and documents which must be kept pursuant to the prevailing laws
and regulations, and all instruments, writings, registers and files held by
natural or legal persons carrying on a business liable to taxes or duties.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Banking information
186. The information-gathering powers described above also apply to
banking information. The right to information set forth at Article214 of the
Moroccan Tax Code states that the tax authorities may request all relevant
information for the assessment and control of taxes and duties payable by
third parties. Consequently, the Moroccan authorities may ask banks and
other financial institutions for banking information relating to account holders or other bank customers, including offshore banks.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
pursuant to obligations arising from Moroccos accession to international conventions, especially relating to crime prevention (Article26
of the law on offshore financial centres).
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Conclusion
209. Lawyers, notaries and statutory auditors are bound by a professional
secrecy. With regard to information held by lawyers, all information not
related to an investigation, including information obtained in an advisory
capacity must be disclosed to the tax authorities upon request. However, there
is no provision, in Moroccan domestic legislation, that preclude the application of professional secrecies of notaries and statutory auditors and that allow
the tax authorities to access information directly from these professionals. It
is recommended that Morocco should ensure that tax authorities have access
to information from notaries and statutory auditors, notwithstanding the
application of a professional secrecy.
Conclusion and factors underlying the recommendations
Phase1 conclusion
The element is in place, but certain aspects of the legal implementation
of the element need improvement.
Factors underlying the
recommendations
210. Rights and safeguards should not unduly prevent or delay the effective exchange of information. For example, notification procedures should
allow exceptions to prior notification (e.g.in cases where the information
request is very urgent or where notification is liable to comprises the chances
of success of the investigation carried out by the requesting jurisdiction).
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
C. Exchange of information
Overview
212. Jurisdictions generally cannot exchange information for tax purposes
unless they have a legal basis or mechanisms for doing so. In Morocco, the
legal authority to exchange information is derived from multilateral and
bilateral mechanisms (double tax conventions). This section of the report
assesses whether Morocco has a network of exchange of information (EOI)
agreements which entitle it to achieve effective exchange of information.
213. Morocco has an extensive network of EOI agreements in the form
of bilateral or multilateral conventions. Morocco is a signatory to the multilateral Convention on Mutual Administrative Assistance in Tax Matters
(Multilateral Convention, which is not yet ratified) and to the Convention
between the states of the Arab Maghreb Union for the avoidance of double
taxation and mutual assistance with respect to taxes on income (Arab
Maghreb Union tax convention).
214. Morocco currently has a network of information exchange agreements covering 108jurisdictions. Considering all the information exchange
agreements concluded by Morocco, the country has information exchange
agreements compliant with the standard with 106jurisdictions (the agreements
with Bahrain and Malaysia are not in line with the standard) and can already
exchange information in compliance with the standard with 42 of them.
215. Moroccos network of agreements covers all its major economic partners, EU and OECD Member States and a large number of financial centres
and Global Forum members. Morocco has never declined to conclude an
information exchange agreement with another jurisdiction.
216. All mechanisms for exchanging information include provisions
concerned with confidentiality, and Moroccan domestic legislation also contains provisions on this subject. They apply equally to the information and
documents concerned by the request received by the Moroccan competent
authority and to the responses provided to the treaty partner.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
218. Morocco has an extensive network of information exchange agreements in the form of bilateral or multilateral conventions. Morocco has been
a party to the Multilateral Convention since 21May 2013, meaning that it has
an agreement compliant with the standard with 45jurisdictions with which it
did not previously have an information exchange agreement.
219. Morocco is also a party to the Arab Maghreb Union tax convention,
the other parties to which are Algeria, Libya, Mauritania and Tunisia.
220. Morocco therefore has an information exchange agreement with
108jurisdictions. Considering all the information exchange agreements
concluded by Morocco, the country has information exchange agreements compliant with the standard with 106jurisdictions10 and can already
exchange information in compliance with the standard with 4211 of them.
221. Morocco has also initialled a further 15 double tax conventions
(DTC) with Albania, Azerbaijan, Bangladesh, Bosnia-Herzegovina, Central
African Republic, Mauritius, Mexico, Republic of Congo, Saudi Arabia,
Seychelles, Slovenia, South Africa, Sudan, Thailand and Turkmenistan.
222. Morocco is currently negotiating information exchange agreements
with Cyprus12, Democratic Republic of Congo, Equatorial Guinea and Ghana.
10.
11.
12.
The agreements with Bahrain and Malaysia do not comply with the standard.
Algeria, Austria, Belgium, Bulgaria, Canada, China, Croatia, Czech Republic,
Denmark, Egypt, Finland, Gabon, Greece, Hungary, India, Indonesia, Ireland, Italy,
Jordan, Kuwait, Latvia, Lebanon, Libya, Luxembourg, Mali, Malta, Mauritania,
Oman, Pakistan, Poland, Portugal, Russia, Senegal, Singapore, South Korea, Syria,
Tunisia, Turkey, Ukraine, United Arab Emirates, United States, Vietnam.
Footnote by Turkey: The information contained in this document with reference
to Cyprus relates to the southern part of the Island. There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey
recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and
equitable solution is found within the context of the United Nations, Turkey shall
preserve its position concerning the Cyprus issue.
Footnote by all the European Union Member States of the OECD and by the
European Union: The Republic of Cyprus is recognised by all members of the
United Nations with the exception of Turkey. The information in this document
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
13.
relates to the area under the effective control of the Government of the Republic
of Cyprus.
Those with Estonia, Former Yugoslav Republic of Macedonia (FYROM), Guinea,
Ireland, Lithuania and Mali and the Multilateral Convention.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
the Contracting States domestic law. In these cases the agreements do not
apply to all persons (and non-residents in particular) and do not therefore
comply with the standard. However, these jurisdictions (with the exception
of Bahrain and Malaysia) are covered by the Multilateral Convention, which
is compliant with the standard.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
In force (ToRC.1.8)
244. The exchange of information cannot occur unless a jurisdiction has
information exchange mechanisms in force. Where such mechanisms have
been signed, the international standard requires a jurisdiction to complete the
measures needed for them to take effect.
245. In Morocco, all treaties of a tax nature, whether double tax conventions, information exchange agreements, protocols amending existing
conventions or multilateral agreements, must be ratified by Parliament.
246. Morocco has concluded information exchange agreements with 108jurisdictions; 42 of them are compliant with the standard and in force. Morocco has
indicated that the agreements with Burkina Faso, Cameroon, Cte dIvoire,
Estonia, Guinea, Lithuania, Mali and Qatar (DTC revised) will be ratified soon.
In effect (ToRC.1.9)
247. In order for information exchange to be effective, the contracting
parties must take the necessary measures to comply with their commitments.
Once a treaty or agreement has come into force, Morocco does not need to
take any additional measure in order for it to be effective.
Conclusion and factors underlying the recommendations
Phase1 conclusion
The element is in place.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
C.3. Confidentiality
The jurisdictions mechanisms for exchange of information should have adequate
provisions to ensure the confidentiality of information received.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Recommendations
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Conclusion
Recommendations
Jurisdictions should ensure that ownership and identity information for all relevant entities
and arrangements is available to their competent authorities. (ToR A.1.)
The element is not in
place.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Conclusion
Recommendations
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities
and arrangements. (ToR A.2.)
The element is in place.
Banking information should be available for all account-holders. (ToR A.3.)
The element is in place.
Competent authorities should have the power to obtain and provide information that is the
subject of a request under an exchange of information arrangement from any person within
their territorial jurisdiction who is in possession or control of such information (irrespective
of any legal obligation on such person to maintain the secrecy of the information). (Tor B.1.)
The element is in
place, but certain
aspects of the legal
implementation of
the element need
improvement.
There is no provision, in
Moroccan domestic legislation,
that preclude the application
of professional secrecies and
that allow the tax authorities
to access information directly
from notaries and statutory
auditors.
The rights and safeguards (e.g.notification, appeal rights) that apply to persons in the
requested jurisdiction should be compatible with effective exchange of information. (ToRB.2.)
The element is in place.
Exchange of information mechanisms should provide for effective exchange of information.
(ToR C.1.)
The element is in place.
The jurisdictions network of information exchange mechanisms should cover all relevant
partners. (ToR C.2.)
The element is in place.
The jurisdictions mechanisms for exchange of information should have adequate provisions
to ensure the confidentiality of information received. (ToR C.3.)
The element is in place.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
Conclusion
Recommendations
The exchange of information mechanisms should respect the rights and safeguards of
taxpayers and third parties. (ToR C.4.)
The element is in place. Morocco tax treaties do not
define the term professional
secret and the scope of
the term professional
secret under domestic
laws of Morocco is not
clearly consistent with the
international standard.
The jurisdiction should provide information under its network of agreements in a timely
manner. (ToR C.5.)
The assessment team
is not in a position to
evaluate whether this
element is in place, as
it involves issues of
practice that are dealt
with in the Phase2
review.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
ANNEXES 73
15.
This Annex presents the jurisdictions response to the review report and shall not
be deemed to represent the Global Forums views.
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
74 ANNEXES
Signaturea /
Territorial scope
Albania
Multilateral Convention
Signed
In force in Albania
Algeria
Andorra
Multilateral Convention
Signed
Anguillac
Multilateral Convention
Extended
In force in Anguilla
Jurisdiction
1
2
23July 1990
14July 1993
Argentina
Multilateral Convention
Signed
In force in Argentina
Arubab
Multilateral Convention
Extended
In force in Aruba
Australia
Multilateral Convention
Signed
In force in Australia
Austria
27February 2002
12November 2006
Multilateral Convention
Signed
In force in Austria
Azerbaijan
Multilateral Convention
Signed
10
Bahrain
7April 2000
10February 2001
31May 2006
30April 2009
Multilateral Convention
Signed
Non-amended
convention in force
(non-amended
convention is not in
force)
Multilateral Convention
Signed
In force in Belize
Multilateral Convention
Extended
In force in Bermuda
11
Belgium
12
Belize
13
Bermuda
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
ANNEXES 75
Jurisdiction
Type of agreement
Signaturea /
Territorial scope
14
Brazil
Multilateral Convention
Signed
15
British Virgin
Islandsc
Multilateral Convention
Extended
16
Bulgaria
22May 1996
6December 1999
17
Burkina Faso
18May 2012
7September 2012
Multilateral Convention
Signed
22December 1975
9November 1978
Multilateral Convention
Signed
In force in Canada
Extended
In force in the
Cayman Islands
18
Cameroon
19
Canada
20
21
Chile
Multilateral Convention
Signed
22
China (Peoples
Republic of)
27August 2002
Multilateral Convention
Signed
23
Colombia
Multilateral Convention
Signed
In force in Colombia
24
Costa Rica
Multilateral Convention
Signed
In force in Costa
Rica
25
Cte dIvoire
20July 2006
26
Croatia
26June 2008
25October 2012
Multilateral Convention
Signed
1June 2014
Multilateral Convention
Extended
In force in Curaao
Multilateral Convention
Signed
11June 2001
18July 2006
Multilateral Convention
Signed
In force in Czech
Republic
8May 1984
25December 1992
27
Curaao
28
Cyprusc
29
Czech Republic
30
Denmark
31
Egypt
32
33
Estonia
Faroe Islandse
16August 2006
Multilateral Convention
Signed
In force in Denmark
22March 1989
28May 1993
25September
2013
Multilateral Convention
Signed
Multilateral Convention
Signed
Multilateral Convention
Extended
In force in Estonia
In force in the Faroe
Islands
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
76 ANNEXES
Jurisdiction
34
Finland
35
Former
Yugoslav
Republic of
Macedonia
(FYROM)
36
France
Signaturea /
Territorial scope
7April 2006
20October 2012
Multilateral Convention
Signed
In force in Finland
11May 2010
14September 2012
Type of agreement
37
Gabon
38
Georgia
39
29May 1970
1December 1971
18August 1989
1December 1992
Multilateral Convention
Signed
In force in France
3June 1999
16May 2008
Multilateral Convention
Signed
Amendment
Germany
Multilateral Convention
Signed
In force in Georgia
7June 1972
8October 1974
Multilateral Convention
Signed
40
Ghana
Multilateral Convention
Signed
In force in Ghana
41
Gibraltarc
Multilateral Convention
Extended
In force in Gibraltar
42
Greece
20March 2007
17November 2010
Multilateral Convention
Signed
In force in Greece
43
Greenland
Multilateral Convention
Extended
In force in Greenland
44
Guatemala
Multilateral Convention
Signed
45
Guernseyc
Multilateral Convention
Extended
46
Guinea
3March 2014
47
Hungary
12December 1991
Multilateral Convention
Signed
48
Iceland
49
India
50
Indonesia
51
Iran
20August 2000
Multilateral Convention
Signed
In force in Iceland
30October 1998
20February 2000
Amendment
8August 2013
Multilateral Convention
Signed
In force in India
8June 2008
10April 2012
Multilateral Convention
Signed
25February 2008
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
ANNEXES 77
Jurisdiction
52
Ireland
53
Isle of Manc
54
Italy
Type of agreement
Signaturea /
Territorial scope
22June 2010
31August 2012
Multilateral Convention
Signed
In force in Ireland
Extended
7June 1972
10March 1983
Protocol
28May 1979
10March 1983
Signed
In force in Italy
Multilateral Convention
Multilateral Convention
55
Japan
Multilateral Convention
Signed
In force in Japan
56
Jerseyc
Multilateral Convention
Extended
In force in Jersey
57
Jordan
16May 2005
26March 2009
58
Kazakhstan
Multilateral Convention
Signed
59
Kuwait
16May 2002
15July 2006
60
Latvia
24July 2008
25September 2012
Multilateral Convention
Signed
In force in Latvia
61
Lebanon
20October 2001
7August 2003
62
Libya
23July 1990
14July 1993
63
Liechtenstein
Multilateral Convention
Signed
19April 2013
Multilateral Convention
Signed
In force in Lithuania
19December 1980
16February 1984
Multilateral Convention
Signed
In force in
Luxembourg
31December 2006
64
Lithuania
65
Luxembourg
66
Malaysia
2July 2001
67
Mali
20February 2014
68
Malta
26October 2001
15June 2007
Multilateral Convention
Signed
In force in Malta
69
Mauritania
23July 1990
14July 1993
70
Mexico
Multilateral Convention
Signed
In force in Mexico
71
Moldova
Multilateral Convention
Signed
In force in Moldova
72
Monaco
Multilateral Convention
Signed
73
Montserratc
Multilateral Convention
Extended
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
In force in
Montserrat
78 ANNEXES
Jurisdiction
74
Netherlands
75
New Zealand
76
Nigeria
77
Norway
Type of agreement
Signaturea /
Territorial scope
12August 1977
10June 1987
Multilateral Convention
Signed
In force in
Netherlands
Multilateral Convention
Signed
In force in New
Zealand
Multilateral Convention
Signed
5May 1972
18December 1975
Multilateral Convention
Signed
In force in Norway
22April 2009
8October 2009
78
Oman
15December
2006
79
Pakistan
18May 2006
80
Philippines
Multilateral Convention
Signed
81
Poland
24October 1994
22August 1996
Multilateral Convention
Signed
In force in Poland
29September
1997
27June 2000
82
Portugal
83
Qatar
84
Romania
Multilateral Convention
Signed
In force in Portugal
17March 2006
8May 2009
27December 2013
2July 2003
Multilateral Convention
Signed
In force in Romania
4September 1997
20September 1999
Multilateral Convention
Signed
85
Russia
86
Saint-Maartenb
Multilateral Convention
Extended
87
San Marino
Multilateral Convention
Signed
88
Saudi Arabia
Multilateral Convention
Signed
89
Senegal
1March 2002
90
Serbia
6June 2013
9January 2007
Multilateral Convention
Signed
Multilateral Convention
Signed
91
Singapore
92
Slovak Republic
16August 2006
In force in
Saint-Maarten
19May 2006
15January 2014
In force in Slovak
Republic
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
ANNEXES 79
Jurisdiction
Type of agreement
Signaturea /
Territorial scope
93
Slovenia
Multilateral Convention
Signed
In force in Slovenia
94
South Africa
Multilateral Convention
Signed
In force in South
Africa
95
South Korea
27January 1999
16June 2000
96
Spain
10July 1978
16May 1985
Multilateral Convention
Signed
In force in Spain
97
Sweden
Multilateral Convention
Signed
In force in Sweden
98
Switzerland
Multilateral Convention
Signed
99
Syria
19June 2005
25March 2009
23July 1990
14July 1993
Multilateral Convention
Signed
In force in Tunisia
7April 2004
18July 2006
Multilateral Convention
Signed
Multilateral Convention
Extended
13July 2007
3March 2009
Multilateral Convention
Signed
In force in Ukraine
9February 1999
2July 2000
8September 1981
28November 1991
Multilateral Convention
Signed
In force in United
Kingdom
1August 1977
1January 1981
107 Vietnam
24November
2008
12September 2012
108 Yemen
8February 2006
100 Tunisia
101 Turkey
102
Turks and
Caicos Islandsc
103 Ukraine
104
United Arab
Emirates
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
80 ANNEXES
Commercial legislation
Commercial Code
Dahir on obligations and contracts
Dahir 1-58-376 of 15November 1958 regulating the right of association
as amended and supplemented
Act 17-95 on limited companies as amended by Acts 81-99 and 20-05
Act 5-96 on partnerships, limited liability companies and joint ventures
as amended by Acts 8299, 21-05 and 24-10
Act 9-88 on accounting requirements for traders
Tax legislation
Tax Code
Financial legislation
Act 34-03 on credit institutions and similar organisations
Act 58-90 on offshore financial centres
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
ANNEXES 81
Other
Finance Ministry order, OJ no. 3949 of 6July 1988
Penal Code
Dahir 1-58-008 of 24February 1958 on the civil service regulations
Dahir enacting Act 1-93-62 of 10September 1993 organising exercise of
the legal profession
Decree no. 2-89-591 of 4December 1989, OJ no. 4024 of 20December 1989
Act 35-96 on the creation of a central depositary and the institution of a
general rule for the registration in accounts of certain securities
Act 32-09 organising the notarial profession
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK MOROCCO OECD 2015
ISBN 978-92-64-23357-7
23 2015 14 1 P