State budget posts 14.4 billion dirhams surplus in jan-aug 2001
Morocco, Economics, 11/9/2001

Morocco's state general budget has posted a surplus of 14.4 billion Dirhams (US$ 1.3 billion) in Jan-Aug 2001, says the ministry of economy, finance, tourism and privatization.

If privatization receipts are not counted, the budget records a deficit of 8.9 billion DH (US$ 809 million), compared to 5.5 billion DH in deficit in the corresponding period of 2000.

The state budget was also marked by a light improvement of ordinary receipts (1.1%), an increase of 7.8% of expenses in goods and services -compared to 0.8% in 2000. The progression of ordinary receipts is mainly ascribed to a 4% increase in fiscal returns, due to an improvement of corporate taxes (6.9%), value added tax (10.1%) and the general income tax.

Meanwhile, customs duties regressed by 3% following the enforcement, as of March, of the second phase of tariffs dismantling under the agreements between Morocco and the European Union and between Morocco and the European Free Trade association) and the reduction from 27.5% to 2.5% of importation duties on unprocessed edible oil.

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