Finance 2023.. Excluding financial contracting from the benefit of tax advantages for industrial acceleration zones

As part of the Finance Bill 2023, the government proposed to exclude financial companies from the tax benefits of industrial acceleration zones.

The introductory note to the 2023 Finance Bill clarified that “some service contractors established in industrial acceleration areas currently benefit from tax concessions granted to these areas, while similar contracts providing the same services to these areas are subject to to taxes in accordance with the rules of public order, and in order to achieve tax justice between the different The aforementioned contracting proposes to exclude financial contracting from the privileges provided for the benefit of the industrial acceleration zones, in order to comply with the provisions of the Finance Law of 2021 for the financial contracting acquired for the status of the Financial City of Casablanca.

The same source clarified that the matter is related to credit institutions, insurance and reinsurance contractors and insurance brokers that have acquired this status in accordance with current legislation.

On the other hand, the memorandum specified that collective real estate work companies are currently benefiting from a permanent tax regime that entitles them to total exemption from corporate income tax and the imposition of tax on profits distributed to the investor shareholders. prior application of a 60 percent reduction.

A temporary incentive system was also established for property contribution operations to the aforementioned organizations, which were completed during the period between January 1, 2018 and December 31, 2022, in order to accompany these organizations. during the first phase of its operation. throw.

This temporary incentive system enables the right to benefit from the deferral of the payment of Corporation Tax or Corporation Tax on capital gains or real estate income resulting from said contribution, with the application of a 50 percent reduction, after partial extinction. or total of the bonds obtained from this contribution.

In order to ensure the continuity of state support for this new type of financing instrument, it is proposed to implement the aforementioned system of incentives related to the deferral of corporate tax and income tax on net capital gains or real estate income obtained, definitively suppressing the aforementioned 50 percentage allocation.

On the other hand, the 2023 Treasury Bill proposes to rationalize the current tax system of permanent incentives by eliminating the 60 percent reduction applied to profit income distributed by real estate collective labor companies.