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Frequently Asked Questions (25)

What do Accounting Summary Statements consist of?

The Accounting Summary Statements should be established in compliance with the accounting law and the General Code of Accounting Standards (CGNC). They can be in two presentation modes:
•    The standard mode which includes 5 statements forms an inseparable whole:

• o    The Balance Sheet (BL),
• o    The Income and Expense Account (CPC),
• o    The Statement of Operating Balances (ESG),
• o    The Cash Flow Statement (TF),
• o    The Statement of Additional Information (ETIC).

•    The simplified mode which includes 4 statements also forming an inseparable whole:

• o    The Balance Sheet (BL),
• o    The Income and Expense Account (CPC),
• o    The Cash Flow Statement (TF),
• o    The Statement of Additional Information (ETIC).

What are the accounting support documents?

1. 1.     The Accounting Balance: an indispensable document for accounting control consisting of a recapitulation statement precising for every account if its balance is debitor or creditor as of the beginning of the tax year, cumulated debit and credit transactions as well as debit and credit balances added up at the end of the period.
2. 2.     The Ledger: a daybook held as per conditions provided for by Law where transactions are recorded either on daily basis or in the form of at least a monthly recapitulation of the sum totals, provided that in such a case, all documents enabling day-to-day traceability are preserved.
3. 3.     The Great Book: made up with total individual and collective accounts, it enables their follow-up. Every account shows distinctly the balance as of the beginning of the tax year, cumulated debit and credit transactions as of the beginning of the tax year (initial balance not included), as well as its balance as of the end of the period.

What are the accounting obligations?

Any physical or legal person with trader quality, in the sense of the Moroccan Trade Code, is liable to handle his corporate accounting as provided for by the relevant Law and its attached tables of terms and conditions. The accounting should record, in detail and in day-to-day
chronological order, all transactions susceptible to alter the enterprise assets and liabilities. Every accounting record should specify the origin, designation and the transaction allotment as well as the reference of supporting vouchers.
 

What are the tax returns to submit?

Companies must submit tax returns on a monthly, quarterly or annual basis:

•    Monthly or annual income tax return,
•    Annual corporate tax return and quarterly corporate tax down payments,
•    Monthly or quarterly VAT tax return,
•    Professional tax return,
•    Social security return (Social Security National Fund “CNSS”, Moroccan Inter-professional Retirement Fund “CIMR”…)

In the framework of procedure simplification, enterprises may now submit their tax returns, pay and retrieve their certifications online.

I would like to create a Limited Liability Company (SARL) together with my minor children, is this possible?

No, a parent is not allowed to create a company with his minor children.