Increase in TVA

[camel with three humps]

" We were all led to believe that Morocco was all for developing into a first class tourist destination specially on the second home front? they shoved down Plan Azur 2010

In comes a new Finance Minister and his contribution a little bit of magic by.... increasing the TVA from 14% to 20%." besides the following

a) VAT on rental Income. Something that has been touted as tax free for 5 years

b) Charging VAT on mortgage interest rate. Only country in the world to charge interest rate on an fiscal instrument. This you will be paying for mortgage period.


I find it hard to believe that a Country who suppose to be encouraging inward investment would act in this blatant milking the investor.

[roksy]

hi camel i am agree with you .
they are not encouraging investments but they dont care anyway i advise the people who have propertys in morocco to sell and go somewhere else it is to expensive and got no base, it is overpriced and the dealers ere telling people a lot of lies.exemples:
#10min from tetouan aeroport(this aeroport is not open and will never be).
#6%rental incom(-20%tax) imposibe to achive .
#tangier sandy beach.yes sandy but not suitable for swimming.etc...

[redangel7861]

Camel.

You seem to have a concerted effort against investing in Morocco. So I can't take what you say seriously. I'll have to confirm your VAT claims on Mortgages and rent.

I was always under the impression that VAT was charged on purchases (payables) and not receivables (income). Increasing VAT on off plan from 14% to 20% can be backed up as it is a payable. The government are just bringing VAT on off-plan in line with what they charge for other payables.

I very much doubt that VAT is payable on rent as this is a reciveable (again I'll have to confirm this). With regards to mortgages, if you take out a UK mortgage to fund your purchases then how the hell can the Moroccan Government charge VAT on a UK product. I assume you mean VAT on Moroccan mortgage products. Again I'll have to confirm that your information is correct on this.

Again, I will have to take your information with a pinch of salt, as you seem very negative towards investment in Morocco. Have you invested in Morocco, if not then what are you doing on thses boards. If your information is incorrect (which I will have to confirm), then your motives will have to be questioned by others as you obviously have a hidden agenda.

[redangel7861]

Camel.

I have spoken to various contacts both in the UK and Morocco regarding your claim that VAT will be charged on Rent and Mortgages. They are un-aware about your claims, I have also checked through archives and there is no mention of this VAT charge on rental and Mortgages. If you are going to make such claims please provide your source or any literature you can reference this claim to. If I am wrong then I will gladly apologise, if not then please stop spreading mis-information, which again would bring into question your motives.

[just-alex]

Originally Posted by redangel7861

Camel.

I have spoken to various contacts both in the UK and Morocco regarding your claim that VAT will be charged on Rent and Mortgages. They are un-aware about your claims, I have also checked through archives and there is no mention of this VAT charge on rental and Mortgages. If you are going to make such claims please provide your source or any literature you can reference this claim to. If I am wrong then I will gladly apologise, if not then please stop spreading mis-information, which again would bring into question your motives.

I was told by my Moroccan bank manager that TVA is payable on Moroccan mortgages. This is not new!!!!

There is so much mis information being bandied about here.....It is not necessary to get into slanging matches!!!!

[redangel7861]

Alex.

No need to shout.

May I ask which Moroccan bank you were refering to.

[camel with three humps]

MY REPLY IS IN BLOCK CAPITAL

"You seem to have a concerted effort against investing in Morocco."

NOT CORRECT, I HAVE INVESTED THERE.

So I can't take what you say seriously.

I DO NOT WANT YOU OR ANYBODY ELSE TO TAKE ME SERIOUSLY OR NOT. IF YOU DO NOT BELEIVE ME, TIME WILL TELL YOU.

I'll have to confirm your VAT claims on Mortgages and rent.

PLEASE DO SO, FRANKLY I AM SHARING MY INFO WITH YOU ALL. I REALLY DO NOT CARE IF PEOPLE ACCEPT/BELEIVE WHAT I HAVE TO SAY.


I was always under the impression that VAT was charged on purchases (payables) and not receivables (income).

PLEASE FIRST CHECK OUT WHAT IS OUTPUT VAT AND INPUT VAT.


Increasing VAT on off plan from 14% to 20% can be backed up as it is a payable.

I AM NOT CONCERNED IF ITS BACKED UP OR NOT PEOPLE WHO HAVE BROUGHT PROPERTIES EXCLUSIVE OF VAT WILL NOT BE CHARGED THE EXTRA 6%. MY CONTRACT IS INCLUSIVE OF VAT SO IT DOES NOT MATTER TO ME. ITS FOR PEOPLE WHO HAVES CONTRACT EXCLUSIVE OF VAT AND THE ONES RESERVING NEW PROPERTIES.

The government are just bringing VAT on off-plan in line with what they charge for other payables.

YES, THEY MAYBE DOING THIS. I AND THE OTHER BUYERS ARE NOT THE GOVERNMENT AND THIS MEANS WE PAY 6% EXTRA. WHILST THIS IS FINE BUT THAN THE GOVERNMENT SHOULD NOT BE MISLEADING INVESTORS AS TO ITS INVESTOR FRIENDLY CREDENTIALS

I very much doubt that VAT is payable on rent as this is a reciveable (again I'll have to confirm this).

NO POINT DOUBTING IF YOU DONT HAVE THE BACKGROUND.


With regards to mortgages, if you take out a UK mortgage to fund your purchases then how the hell can the Moroccan Government charge VAT on a UK product.

YOU ARE CORRECT. BUT WE ARE NOT TALKING ABOUT UK MORTGAGES WE ARE TALKING ABOUT MOROCCAN MORTGAGES


I assume you mean VAT on Moroccan mortgage products. Again I'll have to confirm that your information is correct on this.

PLEASE DO BEFORE YOU BECOME SKEPTICAL

Again, I will have to take your information with a pinch of salt, as you seem very negative towards investment in Morocco.

YOU TAKE IT WITH SALT OR WITH MINT TEA. IF YOU HAVE INVESTED AND YOU HAVE NOT OBTAINED THE FUNDAMENTAL INFORMATION BEFORE YOU COMMITTED YOUR MONEY BRINGING REAL CORE ISSUES NO MATTER HOW UNPLEASENT/NEGATIVE THEY ARE THATS FINE. I LET THE AGENT TELL YOU ALL THE POSITIVE THINGS, SIMPLY BUYING DOES NOT MAKE YOU AN INVESTOR

Have you invested in Morocco,

YES, STATED ABOVE

if not then what are you doing on thses boards.

ITS NOT AN REQUIREMENT TO HAVE BEEN BOUGHT TO BE ON THE FORUM.

If your information is incorrect (which I will have to confirm),

I DONT NEED TO JUSTIFY TO YOU OR ANYBODY ELSE. THE INFO AND ADVISE FOR FREE TAKE IT OR LEAVE IT. I KNOW WHAT I NEED TO DO.

then your motives will have to be questioned by others as you obviously have a hidden agenda.

I AM CONCERNED ABOUT THE WAY YOU THINK AND AS IF MY HIDDEN AGENDA IS GOING TO DERAIL THE COUNTRY'S PLANS.



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Last edited by redangel7861 : Today at 07:47 AM.

[redangel7861]

Camel.

Throwing stones and glass houses and all that.

I think you need to calm down and take a chill pill. I am aware of VAT input and output.

The 6% increase does not effect me as all my purchases are inclusive of VAT - so no problems there. Again, I need to confirm your claims and will get back to you once I have.

Note: My source is not an agent.

[Aegean]

Originally Posted by camel with three humps

MY REPLY IS IN BLOCK CAPITAL

"You seem to have a concerted effort against investing in Morocco."

NOT CORRECT, I HAVE INVESTED THERE.

So I can't take what you say seriously.

I DO NOT WANT YOU OR ANYBODY ELSE TO TAKE ME SERIOUSLY OR NOT. IF YOU DO NOT BELEIVE ME, TIME WILL TELL YOU.

I'll have to confirm your VAT claims on Mortgages and rent.

PLEASE DO SO, FRANKLY I AM SHARING MY INFO WITH YOU ALL. I REALLY DO NOT CARE IF PEOPLE ACCEPT/BELEIVE WHAT I HAVE TO SAY.


I was always under the impression that VAT was charged on purchases (payables) and not receivables (income).

PLEASE FIRST CHECK OUT WHAT IS OUTPUT VAT AND INPUT VAT.


Increasing VAT on off plan from 14% to 20% can be backed up as it is a payable.

I AM NOT CONCERNED IF ITS BACKED UP OR NOT PEOPLE WHO HAVE BROUGHT PROPERTIES EXCLUSIVE OF VAT WILL NOT BE CHARGED THE EXTRA 6%. MY CONTRACT IS INCLUSIVE OF VAT SO IT DOES NOT MATTER TO ME. ITS FOR PEOPLE WHO HAVES CONTRACT EXCLUSIVE OF VAT AND THE ONES RESERVING NEW PROPERTIES.

The government are just bringing VAT on off-plan in line with what they charge for other payables.

YES, THEY MAYBE DOING THIS. I AND THE OTHER BUYERS ARE NOT THE GOVERNMENT AND THIS MEANS WE PAY 6% EXTRA. WHILST THIS IS FINE BUT THAN THE GOVERNMENT SHOULD NOT BE MISLEADING INVESTORS AS TO ITS INVESTOR FRIENDLY CREDENTIALS

I very much doubt that VAT is payable on rent as this is a reciveable (again I'll have to confirm this).

NO POINT DOUBTING IF YOU DONT HAVE THE BACKGROUND.


With regards to mortgages, if you take out a UK mortgage to fund your purchases then how the hell can the Moroccan Government charge VAT on a UK product.

YOU ARE CORRECT. BUT WE ARE NOT TALKING ABOUT UK MORTGAGES WE ARE TALKING ABOUT MOROCCAN MORTGAGES


I assume you mean VAT on Moroccan mortgage products. Again I'll have to confirm that your information is correct on this.

PLEASE DO BEFORE YOU BECOME SKEPTICAL

Again, I will have to take your information with a pinch of salt, as you seem very negative towards investment in Morocco.

YOU TAKE IT WITH SALT OR WITH MINT TEA. IF YOU HAVE INVESTED AND YOU HAVE NOT OBTAINED THE FUNDAMENTAL INFORMATION BEFORE YOU COMMITTED YOUR MONEY BRINGING REAL CORE ISSUES NO MATTER HOW UNPLEASENT/NEGATIVE THEY ARE THATS FINE. I LET THE AGENT TELL YOU ALL THE POSITIVE THINGS, SIMPLY BUYING DOES NOT MAKE YOU AN INVESTOR

Have you invested in Morocco,

YES, STATED ABOVE

if not then what are you doing on thses boards.

ITS NOT AN REQUIREMENT TO HAVE BEEN BOUGHT TO BE ON THE FORUM.

If your information is incorrect (which I will have to confirm),

I DONT NEED TO JUSTIFY TO YOU OR ANYBODY ELSE. THE INFO AND ADVISE FOR FREE TAKE IT OR LEAVE IT. I KNOW WHAT I NEED TO DO.

then your motives will have to be questioned by others as you obviously have a hidden agenda.

I AM CONCERNED ABOUT THE WAY YOU THINK AND AS IF MY HIDDEN AGENDA IS GOING TO DERAIL THE COUNTRY'S PLANS.



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Last edited by redangel7861 : Today at 07:47 AM.

Take it with a pinch of salt - he could be somebody who has invested there and doesn't want any negitive information being posted as it may impact on his investments.

Think most people would try and protect there investments by commenting on posts that have not been confirmed yet.

[camel with three humps]

Aegean: If individual/small investor can think that they can prop up their investments by coming onto forums which a very small % of people read. Than I am afraid they had not much confidence in the product/market in the first placedon.

Red Angel: I am completely chilled. It was your posting which was aggressive and consistently wanting me to confirm to you.

As you claim that you know about about Input/Output VAT. You will than realise that if you are not registered for VAT than you cannot claim it back.

Another thing what ever your sources are may not have told you that as a non resident you cannot obtain more than one mortgage in Morocco further you will not get a mortgage for VAT element of it.

You may also want to know that in France the VAT is 19.6% on properties. Morocco has been taking across many french rules, system as their basis. needles to say the economies are far apart.
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