The House of Representatives passed by a majority, on Wednesday at a plenary session, a bill relating to assets and cash held abroad by the MRE transferring their residence to Morocco.
Introducing the bill, the minister in charge of Moroccans living abroad and Migration Affairs, Anis Birou indicated that this text aims to overcome current legal restrictions by setting up a special procedure, attractive and flexible, in favor of Moroccans residing abroad transferring their residence in a definitive way to Morocco and declaring their assets and cash held abroad in accordance with that law.
This text provides for the extension of the reporting period, from the date of change of residence, 3 to 6 months, the definition of a precise statement of assets and cash namely real property, financial assets, equity securities and debt held abroad as well as liquid assets deposited in accounts with financial institutions or banks located abroad.
It also provides for the release of MRE who have already transferred their residence in Morocco and who have not completed the reporting of obligations and assets from prosecution in terms of foreign exchange regulations.
It also allows MRE, declaring their liquidity currencies from general or specific authorization to dispose of them while keeping them in offshore accounts, repatriating them and dropping them into foreign currency accounts or in convertible dirham accounts in Morocco or selling them outright on the foreign exchange market against dirhams.
This bill also authorizes MRE to perform any reported disposal of assets and liquidity without reference to the Exchange Office.
Similarly, it provides for the establishment of transitional provisions allowing MRE who have already transferred their residence to Morocco before the date of publication of this law, to make the declaration of assets and cash held before that date, by freeing them from prosecution under the Dahir of 30 August 1949 on the repression of violations of foreign exchange regulations.
According to Mr. Birou, the government proposed to introduce three new amendments to the final version, amended by the Finance Committee .These amendments concerned articles 6 and 7 related to the tax aspect, particularly measures incentives.
In their statements, the groups of the majority and the opposition welcomed the content of the bill for the MRE transferring their residence to Morocco, praising the efforts towards the economic and social development of the Kingdom.
