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Adoption of International Financial Reporting Standards (IFRS 1). ..... tional commodity markets, is recognized when ownership passes to. the customer. ...
www.hydro.com/library/attachments/en/investor_relations/financial_reports/IFRS_conversion.pdf - Pages similaires
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The audit exemption thresholds in the UK were increased in 2004 (SI 2004, No 16, Companies Act 1985) and allow CIMA members to prepare accounts for audit for small enterprises. They can sign off accounts for sole traders, partnerships and limited companies up to GBP5.6m annual turnover, as long as it has opted out of having its accounts audited, and charities up to GBP90,000 annual turnover.
Special regulations apply to Reporting Accountants in the context of Solicitors’ Accounts; CIMA members are not allowed to undertake this work.
Please visit the Members and audit page for more information.
| Monday 22 october 07 | Ms Lisa Fernihough from GAAP seminars | IFRS and US GAAP : convergence or divergence ?" |
| What is IFMA: Background |
| The Suisse Romande branch of the International Financial Management Association (IFMA) began life in 1973 as an affiliate of the Institute of Management Accountants (IMA) in the United States. The Association changed its name to IFMA in 1983 when it joined other European IMA chapters to recognize the international aspects of accounting and business, in which the European members are mostly interested. The European affiliates continue to maintain their relationship with the IMA, sharing many of its goals and objectives. They also benefit from the IMA's worldwide organization, which was founded early in the 20th century and whose members today exceed 100,000 |
Every tax system is different and the Moroccan system is no exception. With its tax laws left as a legacy from the French colonial days, it is essential to have a professional guide you through the process. Each case is unique and there is no rule of thumb to go by.
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Libellés : Taxes
Every tax system is different and the Moroccan system is no exception. With its tax laws left as a legacy from the French colonial days, it is essential to have a professional guide you through the process. Each case is unique and there is no rule of thumb to go by.
Tax on Rental Income
Investors from the UK looking to operate a buy-to-let strategy with their Morocco based property investment will be required to pay tax on this generated income.
The first three years can be exempt of tax, but afterwards investors must pay tax on 60% of their generated income at levels between 22% and 44%.
In Tangier, for example, a buy-to-let investor would, after 3 years, be subject to a tax of 22% on 60% of the rental income from his buy-to-let investment property in Morocco.
Property Tax
In Morocco, property owners are required to pay an annual property tax. The first five years are exempt. After this, tax is due based on the annual rental value of the property. The table below gives an approximate guide to the taxes due:
| Value | Tax |
| Less than 3,000dh | 0% |
| between 3,001 and 6,000 dh | 10% |
| between 6,001 and 12,000 dh | 16% |
| between 12,001 and 24,000dh | 20% |
| between 24,001 and 36,000 dh | 24% |
| between 36,001 and 60,000 dh | 28% |
| more than 60,000 dh | 30% |
Property Rental Tax
If investors do not live in the property at all, a tax of 13.50% on the rental value is levied.
Garbage Collection Tax
The owner of a property is exempt from the garbage collection tax for the first five years. After this period, tax is charged at 10% of the property's annual rental value.
Capital Gains Tax
If the property is sold within five years, capital gains tax is charged at 20% of profit with a minimum of 3% of the sale price. A property sold between six and ten years of ownership will pay 10% capital gains tax and 0% thereafter. Capital gains tax is based on the sale price less the purchase price.
Inheritance Tax
There is 0% inheritance tax for family members, but it is essential to make a legal Moroccan will and seek professional tax advice beforehand. You can ask specific questions or request a call from a tax specialist by completing the small form above.
UK-Morocco Tax Treaty
There is a double tax treaty in place between Morocco and the UK and this protects the investor from being liable for capital gains tax in both countries.
Corporate Tax
If you are considering investing in multiple property units in Morocco, it may be an idea to consider creating a Moroccan private limited company.
Search for Property for Sale in Morocco by Region.
Atlantic Coast , Larache , Marrakech , Med Coast , Morocco Inland , Souss-Massa-Draa , Tangiers
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