(MENAFN- Morocco World News) ">Rabat – The MPs voted on the partial bill on Thursday, November 15, at a plenary meeting; 188 MPs voted for the bill, and 102 voted against it, Maghreb Arab Press reported.
The House of Representatives will hold another plenary meeting today to take a final vote on the 2019 Finance Bill which was made public in October.
After examining the first part of the 2019 finance bill, the finance committee adopted 56 amendments on Sunday, November 11.
The amendments included a tax increase on soft drinks and shisha .
Domestic consumption taxes will increase by 50 percent on soft and non-carbonated drinks with high sugar levels.
A VAT of MAD 70 per 100 liters will be applied to sales of soft and non-carbonated drinks that contain 5 grams or more of sugar per 100 milliliters.
The government expects to generate over MAD 313 million from domestic consumption taxes on soft drinks in 2019.
The approved amendments also included raising domestic consumption taxes on shisha tobacco from MAD 350 to MAD 450 per kilogram.
Read also: Morocco to Raise Taxes on Soft Drinks by 50% The committee also voted to exempt VAT on sales of 'water pumps generated by solar and all renewable energies used in the agricultural sector.' The VAT exemption will also be extended to anti-meningitis drugs.
The draft Finance Bill plans for the economy to grow by 3.2 percent, an inflation rate of less than 2 percent, and a budget deficit of 3.3 percent of GDP.
MENAFN1711201801600000ID1097707594
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.