Morocco is not going to share financial data of its own citizens with foreign tax authorities. Moroccans living outside their home country can therefore keep their Moroccan assets confidential when they return their tax.
The Dutch tax authorities have long wanted to be able to request Moroccan bank details and other assets of Moroccan Dutch people. This week it was announced that Morocco would join the automatic international transfer of bank data from September this year.
Two years ago, the government in Rabat agreed to international agreements to enable the exchange of information between tax authorities and said that it would take real action after this summer. But that‘s not going to happen now.
According to the Moroccan authorities, there is no automatic exchange of information between countries, but mainly concerns companies that illegally transfer profits to locations where they can evade taxes.
At the beginning of this week, there was a fuss among Moroccans on social media in and outside the North African country. “The government also found out that this caused a lot of unrest among Moroccans abroad, including in the Netherlands,” says correspondent Samira Jadir. “People were particularly shocked by the heavy fines, but in the news reports, French examples were mentioned.”
Moroccans in France already have to give up their assets in Morocco to the French tax authorities. That country signed a treaty with Morocco on this subject. On the basis of the 2019 international agreements, each country should take its own measures.
Legally there is already a duty in the Netherlands to fill in a declaration as completely as possible, but so far the Dutch tax authorities have never been able to check the data in Morocco. So now it seems that there will be no change in that.
It is estimated that about 10% of Moroccans live abroad and they contribute significantly to the country’s economy. Last year they transferred over 7 billion euros to their country of origin.