Arab Today, arab today morocco to raise \solidarity tax\ on firms to help poor
Last Updated : GMT 12:01:04
Arab Today, arab today
Arab Today, arab today

Government agrees on parliament's proposals

Morocco to raise \'solidarity tax\' on firms to help poor

Arab Today, arab today

Arab Today, arab today Morocco to raise \'solidarity tax\' on firms to help poor

Morocco to raise solidarity tax on firms to help poor
Rabat - Agencies

Morocco to raise solidarity tax on firms to help poor The Moroccan government has agreed to amendments from parliament to widen the imposition of a new tax on firms to help it develop poor areas and quash discontent over social inequalities, officials said on Monday.
Plans for the so-called solidarity fund tax were announced in the midst of mass protests last year in Morocco that were inspired by the Arab Spring revolts.
Proceeds from the new tax will help raise 2 billion dirhams ($235 million) for a social solidarity fund to develop poor areas in a country that has one of the widest wealth inequalities in the region and where protesters still take to the streets over poverty, joblessness and corruption.
The fund is also expected to pave the way for a reform of food and energy subsidies - which even the government says benefit mostly those who need them the least.
The 2012 budget now provides for the imposition in 2012 of a tax equal to 1.5 percent of the net profit for firms that make between 50 million and 100 million dirhams in net annual gains, finance ministry and parliament officials said.
Firms with annual net profits above 100 million dirhams will be subject to a 2.5 percent tax on their net profit in 2012, they added.
The government also agreed to raise tax on beer and spirits in 2012 by 12.5 and 43 percent respectively, the first increase since 2010, the officials said.
In its draft budget for 2012, the government had initially fixed the contribution at 1.5 percent of net profit for firms that make over 200 million dirhams in annual gains.
\"The government has agreed to the majority\'s proposed amendments for the ratio and scope of the new solidarity tax but it rejected the (majority\'s) demand that this tax applies beyond 2012,\" a parliament official said.
The fund should enable authorities to develop poor areas, many of which have seen protests about poverty, unemployment and poor infrastructure and access to basic amenities.
Official data shows that 24 percent of Morocco\'s near-34 million population lives in poverty.
Morocco\'s budget deficit in 2011 rose to its highest level since the 1990s, or 7 percent of gross domestic product (GDP), with those subsidies costing nearly as much as the budget shortfall.
Morocco\'s parliament is expected to vote and endorse the amended budget before the end of this week. ($1 = 8.5141 Moroccan dirhams)
 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today morocco to raise \solidarity tax\ on firms to help poor Arab Today, arab today morocco to raise \solidarity tax\ on firms to help poor

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday