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L’impact des Congés Fiscaux sur le Coût d’usage du Capital dans les Pays Arabes: Cas du Maroc

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  • Brahim Elmorchid

    (Université Cadi Ayyad, Marrakech)

Abstract

Destinés à soutenir l’activité économique, les congés fiscaux ont souvent fait l’objet de débats controversés. Sont-ils efficaces ? Dans cette contribution, nous nous proposons de revisiter cette question à la lumière de l’étude du cas marocain. L’objectif de ce papier est double : modéliser le coût d’usage du capital tenant compte des congés fiscaux et estimer sa valeur au Maroc pour la période allant de 1961 à 2008. Deux scénarios de calcul ont été retenus : le scénario de Droit commun (absence d’exonérations et autres aides à caractère fiscal) et le scénario des lois spécifiques à l’investissement, instituant des congés fiscaux. Au regard des résultats obtenus, il semble qu’en dépit de l’importance des mesures visant son allégement, le coût d’usage du capital au Maroc reste globalement élevé. En 2008, nous l’avons estimé à 21.64% pour un investissement marginal en matériel et outillage et 10.58% pour un investissement marginal en bâtiment. Ensuite, les résultats obtenus par secteur d’activité ou par zone géographique font apparaître une relative neutralité des congés fiscaux vis-à-vis du coût d’usage du capital. S’il n’est pas accompagné de la pratique des amortissements différés, le recours aux congés fiscaux est en général douteux. Les avantages explicites, sous forme d’exonérations fiscales temporaires, sont souvent contrebalancés par des pertes implicites, en particulier la non déductibilité des charges d’amortissements et des charges d’intérêts en périodes d’exonération. Ce résultat explique, entre autres, l’échec des politiques incitatives basées sur la hiérarchisation des avantages fiscaux en fonction des critères sectoriels et géographiques.

Suggested Citation

  • Brahim Elmorchid, 2010. "L’impact des Congés Fiscaux sur le Coût d’usage du Capital dans les Pays Arabes: Cas du Maroc," Working Papers 533, Economic Research Forum, revised 07 Jan 2010.
    • Handle: RePEc:erg:wpaper:533
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