Payment terms: the last annual return and the move to quarterly filing in 2026

Law No. 69-21 on payment terms gave medium-sized businesses a two-year transitional regime. That regime is now ending, and two deadlines follow in quick succession:

• before 1 April 2026: the last annual return, covering 2025;
• before 30 April 2026: the first quarterly return, covering the first quarter of 2026.

1. The 2025 annual return

This return applies to businesses whose turnover excluding VAT (TVA) for the last closed financial year is above 2 million dirhams (MAD) but not above 50 million.

It is the first return to include late payments by businesses with turnover of 2 to 10 million dirhams. For them, the fine applies to invoices issued from 1 January 2025. There is a second change: the exclusion of small invoices (10,000 dirhams including VAT or less) only applied to invoices issued before 2025. Every 2025 invoice now counts towards the calculation, whatever its amount.

The penalty for not filing, filing late or not paying the fine is unchanged: 20,000 dirhams (turnover of 2 to 10 million) or 50,000 dirhams (10 to 50 million).

2. The move to quarterly filing in 2026

From 2026, every business with turnover above 2 million dirhams must file an electronic return before the end of the month following each quarter:

Quarter	Deadline
Q1 2026 (January to March)	30 April 2026
Q2 2026 (April to June)	31 July 2026
Q3 2026 (July to September)	31 October 2026
Q4 2026 (October to December)	31 January 2027

Any fine is paid with each return. The standard penalties for not filing or filing late rise with turnover: 5,000 dirhams for 2 to 10 million, 12,500 dirhams for 10 to 50 million, and more above that.

Four returns a year instead of one means you now need to monitor payment terms continuously.

3. How the fine is calculated: a reminder

• Legal payment term: 60 days where nothing is agreed, and no more than 120 days where a term is agreed (up to 180 days in sectors covered by a decree).
• First month late: Bank Al-Maghrib’s policy rate, applied to the amount including VAT.
• Each further month: + 0.85%.
• Any part month counts as a full month.

Example: an SME with turnover of 6 million dirhams pays an invoice of 80,000 dirhams including VAT two months late in 2025. Assuming a policy rate of 2.25% at the end of the first month late: 80,000 × 2.25% + 80,000 × 0.85% = 1,800 + 680 = a fine of MAD 2,480, to be declared and paid before 1 April 2026.

4. What to put in place

1. A due date for every invoice: record the legal due date in your accounting software, not just the planned payment date.
2. Up-to-date contracts: put the terms agreed with your suppliers in writing, within the 120-day limit.
3. A monthly review of overdue unpaid invoices with your finance team.
4. A quarterly close: extract the data, calculate, review, file and pay before the end of the following month.
5. A supporting file for each return, particularly for invoices disputed in court, which follow a special regime.

5. For suppliers: a way to get paid faster

The law protects suppliers too. A polite reminder to a customer that any late payment exposes it to a fine payable to the Treasury is often effective. Your general terms and conditions and your invoices must, however, state the agreed payment terms clearly.

Our accounting team prepares your annual and quarterly returns and sets up tracking of supplier due dates. To discuss your situation, get in touch.