Accounting in Morocco - Upsilon Consulting

Why you should entrust your accounting in Morocco to a qualified professional:

First of all, a company can choose to do its accounting in several ways:

In-house accounting: most large companies have an accounting department. As such their accounting is done internally.
Outsourced accounting: Other companies can choose to outsource their accounting to more specialized firms such as:
- A fiduciary
- Licensed accountants
- Chartered Accountants (Certified Public Accountants) registered with the Order of Chartered Accountants

Bookkeeping in Morocco consists in recording the accounting entries of a company on a day-to-day basis. Not only is accounting an obligation, it also plays an important role in the company. Indeed, accounting:

First, serves as a basis for tax returns’ preparation
Second, serves as a channel to inform third parties of the financial situation of the company
Third, is used to assess the profitability of the company

Contact us to review your in-house accounting or to fully outsource your bookkeeping.

Accounting in Morocco – Who can practice ?

Article 3 of the law n°127.12 states that only the following parties may use the name of an accounting firm, an accounting fiduciary or an accounting company:

On the one hand, Chartered Accountants registered with the OEC (Ordre des Experts-Comptables – Order of Chartered Accountants)
On the other hand, Licensed Accountants registered with the OCA (Organisation des Comptables Agréés – Organization of Licensed Accountants)

However, several firms use one of theses name without actually having the required qualifications. In fact, many of these firms existed before said law was enacted. As such, one should always make sure they are outsourcing their accounting to a registered professional.

You want to become a Licensed Accountant in Morocco ? Know how:

One may not be registered with the Organization of Licensed Accountants unless he or she meets certain conditions:

First, general conditions of nationality and age;
Second, an ethical requirement (no prior criminal record / convictions)
Third, a condition of qualification proven by a professional assessment (in addition to diplomas)

There is, however, no specific training to obtain this title. In fact, the minimum training is equivalent to a four-year degree.

How to become a chartered accountant to practice accounting in Morocco:

To become a chartered accountant, one must hold the national diploma of Chartered Accountant (this is equivalent to a seven-year degree).

A chartered accountant must:

First, have a four-year degree to be admitted to the examination for accessing the chartered accountants’ curriculum ;
Once admitted, complete a 3-year training program in public accounting ;
Third, complete a minimum of 3 years of professional training within a chartered accountants firm ;
Finally, pass three aptitude certificates and successfully present a professional thesis at the end of the program.

It is impossible to become a chartered accountant without a minimum of 3 to 5 years experience.

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Outsourcing accounting: why choosing a qualified professional is a must

Outsourcing your accounting should not be taken lightly. Indeed, the accuracy of the company’s tax works depends on a good bookkeeping.

Moreover, your accounting can and will be considered by the tax administration as means of proof during a tax audit.

Furthermore, accounting is a key component of managing a company. As such, the more your accounting is accurate, the better you can manage you cashflows, your costs, …

Finally, outsourcing your accounting to a chartered accountant also allows you to benefit from tax counseling and advisory support. A diligent professional will always be up to date with the various changes in the regulations and will make sure that you benefit from them.

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Accounting in Morocco – a fiscal and legal obligation

Any Moroccan company (or branch office) is subject to Corporate Income Tax in Morocco (Read about CIT territoriality). The law provides for a precise tax schedule that must be respected. (Note: Some tax returns are due even in the absence of activity)

Moreover, to be compliant with Moroccan laws, accounting must be done on the basis of the Moroccan chart of accounts and the provisions of the CGNC.

Upsilon Consulting’s commitment

Our commitment towards our clients consists in a complete outsourcing of your accounting. Our experts oversee:

First, accounting based on documents provided by the client (invoices, bank statements, …).
Second, bookkeeping that complies with Moroccan accounting standards and with Corporate Income Tax regulations.
Finally, a continuous communication with our clients which is increasingly based on online exchanges.

Related services to accounting outsourcing

A chartered accountant can also provide the following services:

First, payroll management

In addition to bookkeeping, chartered accountants can take care of all annual and monthly social declarations. These declarations include:

First, Social Security Fund (CNSS – Caisse Nationale de Sécurité Sociale)
- Preparation of payment slips,
- Salary declaration forms
- Monthly payment slip
Second, tax on salary income (IR – Impôt sur le revenu)
- Preparation of the monthly remittance slip
- Monthly transfer statement
- The 9421 statement (salaries and wages statement)

Second, tax compliance

A chartered accountant ensures compliance with reporting obligations and legal requirements in order to limit the risk of overcharges and tax penalties.

This service includes monitoring your tax schedule. It also includes regular information on the options available to you to optimize your taxes.

The following table shows the due dates of the most common tax returns:

Tax	Due date	Tax return
Business Tax (Taxe professionnelle)	January	Annual return of assets
Income Tax	Monthly	Monthly withholdings on salaries
Income Tax	February Y+1	Annual return of salaries
Corporate Income Tax	March Y+1	Various returns related to different accounts
	March Y+1	Annual return
	Quarter +1 month	Quarterly payments
	March Y+1	Detail of services paid to foreign suppliers
	March Y+1	Details of fees paid to local suppliers
	March Y+1	Details of customers
Value Added Tax	Monthly	Monthly VAT return
Value Added Tax	Quarterly	VAT credit refund application
Withholding Tax	Monthly	Withholding tax on services paid to foreign suppliers

Third, Foreign Exchange Office compliance

The foreign exchange regime in Morocco requires the respect of certain specific reporting requirements.

In this regard, your accountant can take care of the Annual Compliance with the Foreign Exchange Office by preparing and submitting returns relating to your transactions in foreign currencies.

Fourth, Yearly Legal Compliance

Bookkeeping services in Morocco are complemented by the management of your yearly legal requirements which include:

First, drafting legal documents: minutes of annual ordinary general meeting, letter on regulated agreements
Second, keeping legal records: inventory record, management record and register of general meetings.

Accounting in Morocco : Year-end accounting works

Once a year, chartered accountants must carry out end-of-year works relating to the preparation of the company’s financial statements.

In addition to the financial statements, one must also prepare the different tables required by Moroccan law.

Dividends in Morocco: Withholding Tax

Corporate Income Tax (C.I.T)

VAT credit refund in Morocco

Set up your company in Morocco