The Moroccan General Directorate of Taxes (DGI) has announced that starting December 1, 2024, invoices with payment delays will incur a monetary penalty. This penalty will be calculated based on the new key rate set by Bank Al-Maghrib (BAM), which stands at 2.5% for the first month of delay. «Law No. 69-21 on payment deadlines mandates that any breach of the stipulated payment deadlines for commercial transactions will result in a monetary penalty. This penalty is set at the key rate of Bank Al-Maghrib, applicable at the end of the first month of delay, and increases by 0.85% for each additional month or part of a month of delay», the DGI highlighted in a statement. It is important to note that the BAM council recently decided to reduce the key rate by 25 basis points to 2.5%, effective December 19, 2024.
