In a latest measure to spur the defense industry, the Moroccan government adopted a decree exempting investors from corporate tax. The tax break will benefit manufacturers of defense equipment, weapons, and ammunition, the spokesman for the government said following a cabinet meeting. In June, the government approved a bill to set up two industrial acceleration zones dedicated to the defense industry, as the country seeks to reduce its dependence on imports. Morocco has also adopted a law to spur the defense industry which requires that the majority of the capital be held by Moroccan investors. The defense industry enjoys high priority in Morocco’s investment charter which offers incentives and state aid, while requiring technology transfer.

Source: The North Africa Journal November 16, 2024 00:29 UTC