11.53 billion dirhams at the end of February 2022

The rise in expenditure is due in particular to the jump (17.6%) in other expenditure on goods and services and to a significant expenditure (5.4 billion) in compensation issues.

The budget deficit widened to 11.53 billion DH at the end of the first two months of the year, against -10.2 billion an earlier, according to the latest figures published by the TGR relating to the execution of the Law of Finances 2022. This situation is the result of an increase (18.4%) in ordinary expenditure that is clearly more marked than that of ordinary revenue (7.2%). The ordinary balance is also negative at 10.2 billion against -5.2 billion a year earlier.

Treasury spending continues to grow at a sustained pace, denting the budget. They have, in fact, increased by 18.4% at the end of the first two months of the year, amounting to more than 49 billion DH, at the time when ordinary receipts increased by 7.2%, reaching 38.83 billion. This resulted in a negative ordinary balance of 10.2 billion after -5.2 billion a year earlier and caused the Treasury deficit to drop to 11.53 billion (taking into account a positive balance of 13.6 billion released by special Treasury accounts and independently managed State services), compared to a Treasury deficit of 10.2 billion at the end of February 2021. This is what emerges from the latest figures published by the General Treasury of the Kingdom (TGR).
The increase in ordinary revenue is due in particular to the good performance of net customs revenue, which fell by 17.2%, taking into account reimbursements, tax relief and refunds of 7 million DH at the end of February 2022.

In detail, the TGR figures show a net growth in customs duties (13.8%), import VAT (+27.1%), at a time when the domestic consumption tax (TIC) on energy products fell by 4.3%, taking into account refunds, reliefs and tax refunds of 3 million at the end of February. The ICT on manufactured tobacco, for its part, performed well (+26.9%), as well as the other ICT (+67%).

Income tax: Increase of 6.9%
With regard to net revenue from domestic taxation, it increased by 3.1%, taking into account tax refunds, reliefs and refunds borne by the general budget which exceeded 1.18 billion. They are supported in particular by the IS, whose receipts rose by 6.9%, taking into account refunds of 15 million at the end of February 2022, when the IR increased by 1.4%, with refunds of 30 million.
On the other hand, the VAT inside fell by 2%, taking into account the reimbursements supported by the general budget which exceeded 1.11 billion.
As for registration and stamp duties, they have been erased by 9% and late fees have jumped by 62.1%. With regard to non-tax revenues, they rose by 20.8%.

The rise in expenditure is due, in turn, in particular to the jump (17.6%) of other expenditure on goods and services (which includes expenditure on equipment and common operating expenses excluding compensation expenditure) and a significant expenditure (5.4 billion) in compensation issues, equivalent to an achievement rate of almost a third (31.7%).
It also stems from the sharp increase (44.3%) in refunds, reliefs and tax refunds. The total amount of domestic and import VAT refunds (including the share borne by local authorities) amounts to nearly 1.6 billion against 1.05 billion at the end of February 2021.
Investment expenditure fell by 2.5%, with a 3.9% increase in ministry expenditure and a 4.5% decrease in expenditure on common charges.

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