The committee on Finance and Economic Development in the House of Representatives continued, Thursday, April 5th 2012, discussion of changes to the Finance Bill 2012 in its section relating to the General Tax Code.
With Mr. Driss EL AZAMI EL IDRISSI, Minister Delegate to the Minister of Economy and Finance in charge of the Budget in attendance, the Commission reviewed these modifications on 198 items divided into eight chapters relevant to corporate tax (IS) the income Tax (IR) and value Added tax (VAT), registration fees, tax procedures and various arrangements, stamp duty and vehicle tax.
The main changes to Article 57 relate to the exemption of Literary and Artistic price of the income tax, with the aim of improving the condition of this social group and enhance the literary and artistic creativity.
Section 59 refers to the tax reduction in case of the entry into force of the "Industrial agreement of training through research" which benefits companies paying the PhD researchers. This procedure is intended to encourage scientific research and encourage the opening of business on the university, as well as the opening of the university on its socioeconomic environment.
Section 91 deals with the tax exemption for educational or documentary films owing to the fact that they are not included in film production. This clause provides tax exemptions for sales of anti-cancer, anti-viral hepatitis drugs and drugs against diabetes, hypertension and asthma, in addition to drugs used in resuscitation, dialysis and cardiology.
Section 247, as modified, stresses the importance to grant real estate investment opportunities to a larger number of investors and lower housing prices in rural areas.
These amendments aim to improve the effective management relating to assets and liabilities of individual institutions in companies subject to corporate income tax.