Six weeks to 31 December 2024: the tax deadlines you can’t afford to miss

2024 is ending with a busy calendar. Two temporary schemes created or extended by the Finance Act (Loi de Finances) 2024 close on 31 December 2024, and no extension has been announced.

1. Voluntary disclosure at 5%: the final stretch

Individuals holding assets, cash or property derived from income not declared before 1 January 2024 can still regularise them by paying a 5% contribution that settles their liability in full.

• Bank assets and cash: you make the declaration through a bank, which deducts the contribution. Cash must first be paid into an account.
• Non-business movable or immovable property, shareholder current-account advances and loans to third parties: you file the declaration with the Directorate General of Taxes (DGI), together with payment.

What you need to know six weeks before the deadline:

• banks are swamped with requests at year-end, so a file submitted in the last few days may not be processed in time;
• the origin of the funds must be consistent with what you declare: inheritances, asset sales and gifts do not need to be regularised if they are documented;
• the scheme remains open, subject to conditions, to people already under a tax position review.

We explained the scheme in detail in our March article: Voluntary disclosure 2024: how the 5% discharging contribution works.

2. Dormant companies: closing down at a known cost

The Finance Act 2024 extended to the end of 2024 the Finance Act 2023 measure for inactive companies. It covers businesses that generated no turnover, or that paid only the floor amount of the minimum tax (cotisation minimale), for the last four financial years.

To be exempt from audit and have penalties cancelled, the company must:

1. file a declaration of total cessation of business during 2024;
2. voluntarily pay MAD 5,000 per financial year that is not time-barred.

For a dormant company with four years not time-barred, regularisation costs 4 × 5,000 = MAD 20,000. This is often far less than the fines and surcharges that would build up under an ex officio assessment.

3. The last corporate income tax instalment

If your financial year matches the calendar year, the fourth instalment of corporate income tax (IS) for 2024 must be paid before 31 December. Each instalment is 25% of the reference tax, i.e. the tax for the previous financial year.

If you expect your 2024 result to be well below 2023, the General Tax Code (CGI) lets you, subject to conditions, stop paying instalments once those already paid cover the estimated tax. An incorrect estimate is penalised, so this decision calls for a proper provisional closing of the accounts.

4. VAT withholding: taking stock after six months

Since 1 July 2024, businesses have been withholding VAT (TVA) on certain suppliers. Year-end is the time to check:

• that each amount withheld was actually paid over during the month following payment;
• that the detailed statement was attached to each VAT return (a MAD 500 fine if late, MAD 2,000 if not filed);
• that your suppliers’ tax compliance certificates are up to date, since they expire after six months.

5. Payment terms: preparing the 2024 annual return

Businesses whose turnover for the last closed financial year is between MAD 2 million and MAD 50 million excluding VAT benefit from a transitional regime. Instead of four quarterly returns, they file one annual return for 2024, before 1 April 2025, and pay any fine at the same time. For businesses with MAD 10 to 50 million, the fine applies to invoices issued since 1 January 2024; those with MAD 2 to 10 million fall within the fine regime only for invoices issued from 2025. Failing to file or filing late costs MAD 20,000 or MAD 50,000 depending on the size of the business. Reconciling your supplier ledger now will spare you unpleasant surprises.

Your checklist

Action	Deadline
Voluntary disclosure declaration (bank or DGI)	31 December 2024
Cessation of inactive companies and payment of MAD 5,000 per financial year	31 December 2024
4th IS instalment (calendar financial year)	31 December 2024
Review of VAT withholdings and statements	With each VAT return
Reconciliation of 2024 supplier invoices	Before 1 April 2025

Our Accounting and Tax & legal teams can help you close the year with peace of mind. To discuss your situation, contact us.