Answer ... The declaration of taxable income must be filed within three months of the end of each financial year.

The tax is paid by advance payment in four instalments, before the expiry of the third, sixth, ninth and twelfth months following the opening date of the accounting period.

Any outstanding balance must be paid before the deadline for the declaration.

Answer ... There are two primary penalties, as follows.

Sanctions for failure to file or delay in filing tax returns: Increases of 5%, 15% and 20% are applicable to the declaration of taxable income, as follows:

• 5% if the declaration, deeds and agreements are filed within 30 days of the due date and, if an amended declaration is filed after the deadline, giving rise to the payment of additional fees;
• 15% if the declaration, deeds and agreements are filed after this 30-day period; and
• 20% for failure to file a declaration, incomplete or insufficient declaration.

Sanctions for late payment of taxes and duties: A penalty of 10% and an increase of 5% will be payable for the first month of delay; thereafter, 0.5% for each additional month or fraction of a month will be added to the unpaid amount.

Answer ... Yes, the Moroccan tax authorities can exchange information with the tax authorities of countries that have signed a double taxation agreement with Morocco.

Credit institutions are entitled to provide information to the tax authorities of countries with which Morocco is considering concluding an automatic information exchange agreement.