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International food company to open branches in Morocco
Morocco, Business, 10/7/1999
Leading international company Sodexho Pass International, specializing in employee food services, is planning to open a branch in Casablanca and Rabat next year, according to "L'Economiste" daily.
The group sells to enterprises, administrations and employees "food checks" to pay for food at selected restaurants.
Employees can also use the checks to buy foodstuffs at drugstores licensed by Sodexho Pass International.
According to the economic paper, the formula entitles users to fiscal advantages. The 1999-2000 finance law provides that as uninterrupted working hours are projected, food allocations granted to employees will be exempted from the General Income Tax (IGR).
The Moroccan branches of Sodexho Pass International will open with an initial capital of $500,000 including 60% owned by the company and 40% by a Moroccan monetary and banking services company, Cofimag.
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