[Morocco] BMCE Bank fined $90 million for tax evasion
18-01-2017 11:05:00 | by: Bob Koigi | hits: 13836 | Tags:

One of Morocco’s leading commercial banks, BMCE bank has been ordered to pay up to $90 million in taxes for the financial years covering 2012-2015 in what is attributed to engaging in acts of tax evasion. Other firms that have also been fined for the same include   OCP, Lydec, Saham Assurance.

To date, the Directorate General of Taxation has received amounts of $12 million from Lydec, $13 million from Saham Assurance, and $95 million from OCP.

Banque Marocaine Du Commerce Extérieur (BMCE Bank) has been mandated to pay its corporate tax, income tax, registration fees, stamp duties and value added tax for fiscal years 2012, 2013, 2014, and 2015. The total sum due is estimated at around $90 million, which represents 50 percent of the bank’s 2015 recorded revenue.

According to Economie Enterprises, the Moroccan Bank, which is owned by billionaire Othman Benjelloun, refused to receive the notification sent by registered mail from the Directorate General of Taxation.

The Directorate General of Taxation has decided, therefore, to send a bailiff to deliver the letter in person.