MEFRA: Morocco definitively leaves the gray list of the EU and becomes “Green Listed”

Morocco is no longer on the EU’s gray list of non-cooperative jurisdictions for tax purposes, and becomes “Green Listed”, the Ministry of Economy, Finance and Administration Reform announced on Monday. (MEFRA).

The EU Foreign Affairs Council, bringing together the 27 European foreign ministers, adopted its conclusions on non-cooperative jurisdictions for tax purposes, namely the formal EU act which confirms the positive opinion of the Group Code of Conduct of the Council of the EU (GCC) and removed Morocco from Annex II – the list of jurisdictions awaiting an assessment of the EU on its commitments in tax matters, adds the ministry.

And to stress that the conclusions of the Council of the EU, approved this morning, are the final and definitive step of the procedure which follows the green light from the Ambassadors of the Member States of the EU and confirms that the Kingdom is definitely leaving the gray list of the EU and therefore becomes “Green Listed”.

This development shows that the reforms undertaken by the Kingdom in tax matters are in line with EU conditions and international standards, it also testifies to the positive cooperation between the Moroccan and European authorities on this subject.

As a reminder, Morocco is one of the countries which have undertaken to bring their tax systems into line with the standards of good governance, as part of the improvement of tax transparency at the global level.

As such, several legislative provisions have been adopted depending on the nature of each tax regime as part of the reform process initiated since the finance law for the year 2018. Throughout the process of evaluating its tax system, the Morocco is pleased to have succeeded in convincing the OECD and its European partners of the realism of its vision which consists on the one hand in proving its firm determination to comply with the standards of good tax governance by taking the necessary measures in a transparent manner and gradual and on the other hand to safeguard its socio-economic interests.

READ  Marchica Med completed the maritime works for Cocody Bay

This positive assessment, continues the MEFRA, was expected since the visit of the Minister of Economy and Finance, Mohamed Benchaaboun to Brussels in February 2020, and his meeting with his European counterpart, Commissioner Paolo Gentiloni, who heads the management of the European Commission on Taxation (TAXUD), responsible for proposing to the GCC the technical considerations and assessments on the basis of which the list of non-cooperative jurisdictions for tax purposes is constituted.

At the end of this evaluation process, Morocco notes with satisfaction the decision to definitively withdraw from the “gray” list. This decision shows that the measures taken are favorably received by its partners and that the efforts made and the actions undertaken are perfectly in line with good tax governance, in accordance with international standards.

Tags
Back to top button
Close