Upper House Adopts 2024 Appropriation Bill

The House of Advisors (upper house) adopted, at a plenary session on Wednesday, by majority the Appropriation Bill (PLF) n°55.23 for the 2024 financial year, as amended. This PLF was approved by 45 advisors and opposed by 13 others, while 6 advisors abstained from voting. According to the report of the Finance, Planning and Economic Development Committee, amendments to the 1st part of the PLF totaled 243 (73 accepted, 52 rejected and 118 withdrawn). The amendments focused mainly on the reform of the value-added tax (VAT), which will be phased in over the period 2024-2026, corporate income tax (CIT), income tax (IR) and customs measures, as well as on other measures relating to the revision of the provisions of Article 6 of the PLF on State aid to support housing and to strengthen the financial resources allocated to the social protection and social cohesion support Fund. At a later date, the House of Advisors will hold a plenary session to examine and vote on the second reading of the PLF-2024. Minister Delegate in charge of the Budget, Fouzi Lekjaa, confirmed to the Finance, Planning and Economic Development Committee of the House of Advisors the relevance and soundness of the assumptions on which the PLF was drawn up. According to the Minister, the drafting of this bill was marked by exceptional circumstances that had an impact on its content and have become a priority, including the Al Haouz earthquake, which required the allocation of 9 billion dirhams to support disaster victims and rebuild the affected areas, in addition to dealing with the problem of water shortages, for which a sum of 5 billion dirhams was earmarked.