22.5% increase in tax revenues at the end of April 2022 (+ 74%)

The Ministry of Economy and Finance published the state of expenditure and resources of the Treasury at the end of April 2022. During the period, the Treasury showed a budget deficit of 11.46 billion dirhams, against a deficit of 21.7 billion. billions of dirhams at the end of April 2021, i.e. a decline of 47.3% over a continuous year.

Here’s how income and expenses went.

Ordinary income increased, still driven by YES

At the end of April 2022, ordinary income is displayed at 96 billion dirhamsup by 23.2% compared to the same period last year.

Tax revenues increased by 22.5% to 88.3 billion dirhams. Direct taxes increased by 36.3% to 42.5 billion dirhamsdriven by strong growth in the SI which is set at 23.4 billion dirhams, up by more than 74% compared to the end of April 2021. In value, this is an increase close to 10 billion dirhams.

The Ministry of Finance explains this progression with “the significant improvement of the first installment (+3.6 billion dirhams, + 68.5%) and the additional adjustment (+6.9 billion dirhams, + 154%)”. He also specifies it “This good performance comes mainly from the phosphate, financial and cement sectors”. It should be remembered that with respect to the objectives of the 2022 budget law, 43.5% of the achievement was achieved at the end of April.

The IR, meanwhile, increased by 6.5% to 18.3 billion dirhams. The achievement rate concerning him reached 42.7%.

All other components of tax revenue are up compared to the same period last year: indirect taxes (+ 10.8%), customs duties (+ 14.6%), registration and stamp duty (+ 15.5%).

The increase in indirect taxes derives in particular from the increase in VAT revenues (+ 12.5%) to 24.4 billion dirhams. The latter is mainly driven by imports, up 28.2% to 17.2 billion dirhams. The national VAT, meanwhile, shows a decline of 13.1% to 7.17 billion dirhams. For its part, the ICT increased by 6.9% compared to the end of April 2022 and reached 9.7 billion dirhams. It improved in particular on energy products and stood at 5.6 billion dirhams, an increase of 11.2%.

Non-tax revenues are up sharply by 37.3% to 6.44 billion dirhams compared to the end of April 2021. The revenues of public bodies and businesses amount to 1.2 billion dirhams, of which 720 million dirhams paid by the National Agency for Land Registry, Land Registry and Cartography and 309 million dirhams from the bank Al-Maghrib.

The “other revenue” stood at 5.3 billion dirhams, of which 2.7 billion dirhams under “innovative financing”, 1.9 billion dirhams under the products of the ministries, 277 million dirhams from GCC donations and 254 million dirhams under support funds. The 2022 budget law target has been set at 36 billion dirhams. The realization rate was therefore 17.8% at the end of April.

Expenses: the remuneration doubled at the end of April

The ordinary expenses at the end of April 2022 increased by 12.9% to 98.5 billion dirhams. Spending on goods and services was AED 76.2 billion, up 6.5% over the same period last year. In this category, personnel expenses increased by 5% to AED 50 billion and expenses for “other goods and services” increased by 9.4% to AED 26 billion.

At the end of April, what marks the expenses is precisely the sharp increase in remuneration. The clearing costs simply doubled over the period (+ 103.5%) to 12.4 billion dirhams. This increase is explained in particular by the sharp increase in the price of butane gas, which grew by 67% compared to the same period in 2021. In the period, the achievement rate has already reached 73.1% of the legal objectives. Finance 2022.

the the ordinary balance at the end of April was in deficit of -2.5 billion dirhams. A year earlier, the deficit stood at -9.3 billion dirhams, a decline of 73.2%. Investments in the period increased by 8.6% to 26.8 billion dirhams.

At the endthe the overall deficit decreased by 47.3% to 11.46 billion dirhams at the end of April 2022 against a deficit of 21.7 billion dirhams in the same period of 2021. The order of 19.2 billion dirhams ”, indicates the Ministry of Finance. It is mainly financed by internal debt for net flows of 15 billion dirhams.

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