The latest measures concerning payment deadlines introduced by the new Law 69.21, published in the Official Gazette (Bulletin Officiel) on 06/15/2023.

These provisions aim to promote fair trade practices while ensuring faster payment deadlines for suppliers. Here is a summary of the main provisions of this law:

1. Revision of regulatory payment deadlines: Companies are now required to pay their suppliers within a period ranging from 60 to 120 days, from the date of receipt of the invoice. This period can be extended to 180 days in certain specific cases.
2. Setting the deadline for issuing invoices: Suppliers must issue their invoices no later than “the last day of the month during which the goods were delivered or the services were rendered”. If the invoice has not been issued by this date, this date will be used to calculate the payment deadlines.
3. Introduction of reporting obligations: Taxpayers are now required to submit a quarterly declaration including a detailed statement of unpaid invoices, to be sent electronically to the General Tax Directorate (GTD).
4. Sanctions for non-compliance: Failure to comply with these new measures may result in significant financial penalties for companies. These include fines and pecuniary sanctions, namely:
   • Fine: In case of exceeding the payment deadlines, suppliers are liable for a fine calculated based on the prevailing legal rate.
   • Basis of the fine: unpaid amount within the specified deadlines, per invoice including VAT.
   • Rate: BAM rate + 0.85% per month or fraction of a month of delay, payable to the tax authority.
   • Pecuniary sanctions for non-declaration: From 5,000 MAD to 250,000 MAD depending on the size of the company.
   • Pecuniary sanction for incomplete declaration: 5,000 MAD.

Effective Dates:

• Companies with a turnover > 50 million MAD: July 1, 2023.
• Companies with a turnover between 10 million and 50 million MAD: January 1, 2024.
• Companies with a turnover between 2 million and 10 million MAD: January 1, 2025.
• Companies with a turnover < 2 million MAD: Provisions not applicable.

In conclusion, the new measures regarding payment deadlines outlined in Law 69.21 represent a crucial step towards fairer commercial practices and more responsible financial management. By adopting these provisions, Moroccan companies can strengthen their relationship with suppliers and enhance their reputation in the international market.

At Audigroup, we are committed to assisting our clients in complying with these new rules and helping them seize all opportunities presented by this evolving economic landscape. Our team of accounting experts is here to guide you through this process, address your queries, and assist you in ensuring a smooth transition to these new practices.