The Economic Watch Committee (EWC) announced during its 4th meeting additional measures to confront the severe socio-economic consequences of the COVID-19 pandemic.
On the tax front, the EWC offers to naturals persons the possibility to postpone the filing of their income tax return until June 30th, 2020. It has also been decided to exempt from income tax any additional compensation paid by the employers to their employees that are affiliated to the CNSS, up to a limit of 50% of the employee’s average net monthly salary.
The EWC has also examined the administrative issues induced by the current crisis and has taken note of flexibility measures aiming to avoid companies holding public contracts from incurring penalties for execution delays which are not attributable to them. A circular from the ministry in charge of finance has been issued to this effect, considering that these delays are cases of force majeure.
Furthermore, the Committee discussed the impact of the measures taken to contain the virus on the governance of public limited companies. In this regard, a draft bill is being developed to introduce the necessary flexibilities that would allow the deliberative organs to hold remote meeting during this period of health emergency.
The Committee has also indicated that the ability of the Moroccan economy to overcome this crisis will inevitably rely on a close collaboration between the Government and companies. It states that this collaboration would require companies to demonstrate a real sense of responsibility. For this purpose, EWC will ensure compliance with the rules with regards to the aid granted to companies in difficulty. A decree, explaining the new conditions for granting this aid, is being finalized.