Need to reform local taxation system to attract foreign investments, King
Morocco's King Mohammed VI has announced that reforms will be carried out to modernize the local taxation system that will help, among other things, to attract foreign investments in Morocco.
This came in a message to participants in the international conference on investments that opened Wednesday in Skhirat (near Rabat) under the theme: "Territorial Commitment."
"(..) reforms will be carried out in order to modernize the local taxation system and ensure optimal distribution of tax receipts among local authorities" the monarch said adding that These measures and reforms, which are designed to encourage regional development, are prompted by strategic considerations meant to serve the public interest and respond to citizens' needs."
"Viewed from a partnership and free trade angle, they will inevitably help to enhance the attractiveness of Morocco as a country in which to invest," the monarch explained in his message read out on his behalf by his adviser Abdelaziz Méziane Belfkih.
He recalled that Morocco's 1996 Constitution set up the region as a local authority, to enable it to contribute effectively to development and strengthen the foundations of democracy. This constitutional reform, he went on, was followed by "the policy for decentralised management of investment, which I instituted in 2002 and which, among other things, made it possible to establish regional investment centres."
Our goal, the monarch said, is to enable all the regions of the Kingdom to make the most of their resources, and to ensure their optimal integration into the nation's economy.
He called for the creation of a regional information system for investors and for the various parties involved in local development, and for an effective mobilization of local authorities' financial resources to give impetus to local, provincial and regional development. "To this end, reforms will be carried out in order to modernize the local taxation system and ensure optimal distribution of tax receipts among local authorities."
Viewed from a partnership and free trade angle, these measures and reforms will inevitably help enhance the attractiveness of Morocco as a country in which to invest, he concluded.