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Morocco's annual finance law is the primary vehicle through which Parliament enacts (i) the customs-tariff schedule, (ii) sectoral tax-incentive amendments, (iii) investment-zone fiscal-regime changes, and (iv) the annual tranche of any multi-year fiscal-reform programme. Loi de Finances n° 50-25 was adopted by Parliament on 5 December 2025, promulgated by Dahir n° 1-25-67 of 10 December 2025 (19 joumada II 1447 H), and published in the extraordinary edition of the Bulletin Officiel (n° 7465 bis) on 16 December 2025.
Customs-tariff schedule (Tableau des Droits de Douane à l'Importation). LF2026 continues Morocco's progressive alignment with the EU Common External Tariff under the EU-Morocco Association Agreement, maintaining the principal rate tiers at 2.5% (industrial inputs), 17.5% (intermediate goods), and 40% (finished consumer goods), with product-specific exceptional reductions applied to strategic industrial inputs — particularly components for the BEV/cathode manufacturing base at Kenitra and Tangier.
IS (corporate-tax) rate-convergence tranche. Under Framework Law n° 69-19 (the 2022 multi-year IS reform), Morocco is progressively converging its IS rate toward a 20% steady state for the industrial sector. LF2026 delivers the 2026 tranche of this schedule, reducing the effective IS rate for qualifying industrial enterprises and extending transitional rate brackets for export-oriented manufacturers operating under ZAI regimes.
Zone d'Accélération Industrielle (ZAI) fiscal-regime amendments. ZAIs (successor to Morocco's historic export-processing Zones Franches d'Exportation) offer a five-year IS exemption followed by an 8.75% reduced rate for exporting enterprises. LF2026 contains further alignment of ZAI conditions with the post-2024 BEV/cathode FDI stack, including simplified qualifying-activity definitions for battery-cell adjacent manufacturing (cathode active materials, separator films, electrolyte production) at the Kenitra Industrial Acceleration Zone.
Casablanca Finance City (CFC) regime amendments. CFC was substantially reformed by LF2023 and LF2024 (post-OECD Pillar 2 pressure to raise the 15% CFC rate toward global minimum). LF2026 contains further CFC refinements — primarily administrative in nature — including updated eligible-activity definitions and updated substance-requirements to maintain compatibility with BEPS Pillar 2 / GloBE minimum-tax standards.
Green-investment fiscal accelerators. LF2026 introduces or extends deduction mechanisms for qualifying green-investment expenditure, aligned with the EU's Carbon Border Adjustment Mechanism (CBAM) and the EU-Morocco Strategic Partnership on Sustainable Raw Materials Value Chains (MoU October 2024). Specific provisions address the energy-investment fund (Fonds Energie) financing mechanisms for green-hydrogen and solar-energy projects relevant to the "Offre Maroc" renewable-energy export strategy.
Phosphate-sector fiscal provisions. OCP Group — the world's largest phosphate producer (~70-75% of global phosphate-rock reserves) — is subject to sector-specific fiscal treatment in the LdF, covering DAP/MAP/TSP export pricing and export-tax treatment. LF2026 adjustments to OCP's fiscal architecture are relevant to EU CBAM pricing for phosphate-derivative fertilizers, given Morocco's position as the EU's largest non-EU phosphate-rock and processed-phosphate supplier.
Sovereign-debt and budget-deficit framework. LF2026 targets a budget-deficit reduction consistent with the trajectory agreed under Morocco's IMF Flexible Credit Line (FCL) and Resilience-and-Sustainability Facility (RSF), providing the fiscal-anchor backdrop for Morocco's investment-grade sovereign-debt architecture.
The LF2026 customs and ZAI provisions are the annual statutory update to the fiscal architecture anchoring Morocco's position as the EU's primary near-shore BEV/cathode manufacturing base. Key projects that operate under or benefit from this architecture:
discussion); benefits from ZAI fiscal regime + reduced input-tariff schedule
Dacia Spring (100% BEV), Logan, Sandero; exported primarily to EU markets under the EU-Morocco diagonal cumulation rules
Industrial Acceleration Zone; produces NMC/LFP cathode material for export to Volkswagen Group and other EU cell manufacturers
LNMO/LFP cathode active materials)
regime for cell-assembly operations
Kenitra + Tangier + Casablanca industrial corridors in 2026; any new BEV/cathode investment contract signed under the Investment Charter (Law 03-22) in 2026 references this law's tariff and incentive parameters
are partly shaped by the LF2026 domestic fiscal provisions affecting OCP's cost basis
count toward Moroccan-origin thresholds in EU-destined exports) are operationalised against the LF2026 tariff schedule — meaningful for Renault Tangier's EU-market BEV exports
minimum-tax standards, reducing the risk of EU or OECD non-cooperative jurisdiction listing that would jeopardise ZAI-regime preferential access to EU single-market supply chains
HS codes — ADII (douane.gov.ma) implementing circular required for definitive rates
administrative continuations of LF2025 measures — DGI's 2026 CGI edition will clarify
effective-tax-rate data