The travel allowance increases to 100,000 dirhams per year

The new version of the General Instruction for Foreign Exchange Transactions (IGOC-2022), the provisions of which entered into force on January 1, 2022, establishes a “travel allowance for individuals” with a base amount of 100,000 dirhams per year. Intended for the payment of expenses relating to trips abroad, this allocation may be increased by the equivalent of 30% of income tax (IR), while the total amount must not exceed 300,000 dirhams per person. and by year, indicates the Office in a press release on IGOC-2022. Indeed, this new version brings significant liberalization and easing measures for foreign exchange transactions carried out by natural persons, the same source said. In addition and concerning the Ex-MRE (Moroccans residing abroad), the Office des Changes has just published a new circular on the exchange facilities granted to people who have declared their assets and liquidities held abroad in accordance with provisions of Law 63-14 and the texts adopted for its application. The provisions of the new circular provide, in particular, for a convertibility regime for investments made in Morocco and financed in foreign currencies or in convertible dirhams by the MRE before the transfer of the tax residence of the declarant to Morocco, as well as the transmission by inheritance or by way of donation of assets and cash held within the framework of Law 63-14 and the texts adopted for its application and of assets held in Morocco financed in foreign currencies or in convertible dirhams. → Read also: Foreign exchange offices: the foreign exchange office updates circular n ° 2/2019 IGOC-2022 incorporates a set of provisions oriented to a large extent towards building confidence, improving the business climate and contribution to the effort to revive the national economy by offering more regulatory flexibility, in full consultation with the various partners. The new measures introduced by IGOC-2022 aim to encourage the act of exporting and investing, supporting economic operators, giving a strong impetus to the development of start-ups and guaranteeing natural persons better access. to foreign currencies, underlines the Office. IGOC-2022 can be viewed and downloaded from the website of the Office des Changes “www.oc.gov.ma”. (With MAP)