Morocco welcomed being removed today from the "grey list" established by the Council of the European Union on the EU's non-cooperative jurisdictions, as tax havens are technically known.
This decision "demonstrates that the reforms undertaken by Morocco in tax matters are in line with EU conditions and international standards", the Moroccan Ministry of Economy and Finance said immediately after the news broke.
The same source added that Morocco is part of the countries that have committed to bring their tax system in line with good governance standards in the framework of improving tax transparency at the global level.
Morocco has undertaken since 2018 a series of tax reforms to bring them in line with EU requirements: the latest of these is the Finance (General Budget) Law of 2021, which ended since last January a series of tax advantages that companies setting up in export processing zones had.
The European Union is Morocco's main economic and trade partner, receiving nearly 70 % of the country's exports.
Morocco was on an annexed document ("grey list") of countries that had not yet complied with all international tax rules, and along with Morocco, Namibia and Saint Lucia were also removed from this "grey list".