Morocco passes 2012 budget


The Moroccan parliament has passed the 2012 budget which is up around 18% on the previous budget to 346 billion dirhams (£25.7bn; $40.8bn).

The budget contains a 12% increase in public investment, up to 188 billion dirhams.

There is also a new tax for firms making more than 50 million dirhams net profit. The tax, called the ‘solidarity tax’ will see the proceeds going to help develop poor areas. Firms posting net profits between 50 million and 100 million dirhams will pay 1.5% and above 100 million will pay 2.5%.

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