VAT increases, bankers complain
VAT increases, bankers complain
The 2006 annual budget report shows an increase in taxes. Banks and stock exchange companies are to pay a VAT of 10%, instead of 7% in the past, on any loan or banking operations.
As expected, past government declarations concerning the flow of stock options transfer are respected. But the “value added tax” programme; a part of the Budget report, turned out to be more surprising and controversial regarding VAT increase.
The rise in taxes has provoked the anger of bankers. The government measures oblige them to adapt their whole information system. They also fear an increase of loan costs and a major decrease of profits.
“This new legislation clearly displays the lack of commitment on the part of the government which promised easier lodging loans,” argued a bank executive. He added that “the financial staff wasn’t informed of these changes and didn’t have enough time to react.”
More: moroccotimes.com