Mr. Mezouar presented the 2008 Finance Bill before the Parliamentary Finance Commission explaining that the objectives set for the Finance Act 2008 were realistic and achievable, despite the global economic meltdown. In response to concerns expressed by members of the Finance Commission, Mr Mezouar explained that the 6, 8% growth rate announced by the government was set on the basis of facts and figures. A 5.2% non-agriculture rate of growth achieved between 2004 and 2006, an unprecedented value of investments reaching MDH 100 million, as well as economy credits amounting to MDH 83 billion over the period September 2007-September 2008.
The Trade deficit, according to Mr. Mezouar, is expected to decrease thanks to a governmental policy based on sector-based policies, free trade agreements, valorised raw materials and agreements signed with leading international firms.
As to fiscal policy, the lowering of corporate tax from 35% to 30% has been dictated by comparison to neighbouring or similar countries ( Algeria, Egypt, Turkey, Jordan.). The fiscal reform launched during the national symposium on fiscal revenue services in 1999 will proceed with the gradual decrease of the rate of corporate tax to 25% and the income tax to 38%, as well as bringing VAT rates down to a single rate. Mr. Mezouar explained that 2009 would be devoted to income tax.
Public enterprises, Mr. Mezouar explained, performed well following their restructuring and refinancing efforts. Their investments account for 60% of overall public investments, and their transfers to the public treasury reached MDH 8.5 billion in 2007.