Morocco’s Upper House Adopts Finance Bill’s First Part

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Morocco’s House of Councilors (Upper House) on Wednesday adopted by majority the first part of the 2024 Finance Bill, as amended.    During a plenary session, attended by Minister Delegate in charge of the Budget, Fouzi Lekjaa, the first part of the Finance Bill was approved by 51 councilors and rejected by 9 others, while 11 councilors abstained from voting.    Regarding the 43 amendments, they mainly focused on the reform of the Value Added Tax (VAT) which will be carried out according to a progressive approach during 2024-2026, Corporate Tax, Income Tax, customs measures, as well as other measures relating to the revision of the provisions of article 6 of the Finance Bill concerning State aid to support housing and strengthen the financial resources allocated to the Support Fund for Social Protection and Social Cohesion.