RAS on Dividends in Morocco 2026: The 11.25% Rate and the Road to 10%

If you hold shares in a Moroccan company, the tax you pay on dividends keeps falling. Under the Finance Law 2026, the withholding tax (retenue à la source, RAS) on dividends distributed to resident individuals is now 11.25%, down from 12.5% in 2025 - and it is scheduled to reach 10% in 2027.

This guide explains the phase-down, who must withhold, the critical distinction between libératoire and imputation, and what it means for shareholders and Moroccans living abroad. For the wider 2026 withholding-tax picture, see our RAS overview; for a number-by-number dividend scenario, see worked example 8.

The phase-down timeline

The dividend RAS follows a deliberate multi-year reduction set in motion by the 2023 reform:

The decisive rule: the applicable rate is the one in force in the year the dividend is distributed, not the year the profit was generated. So a distribution paid in 2026 on profits earned in 2024 is taxed at 11.25%.

Who withholds, and from whom?

• The distributing company (SA, SARL, etc.) withholds the RAS at the moment it pays the dividend, then remits it to the DGI.
• The rate applies to dividends paid to resident individuals (personnes physiques résidentes).
• Company-to-company dividends (IS taxpayer → IS taxpayer, where the recipient holds at least 25% of the capital) benefit from a 10% libératoire rate - this predates 2026 but remains in force.
• Payments to non-residents follow treaty rules; in the absence of a treaty, the domestic rate applies (see the overview for the 10-30% range).

Libératoire vs. imputation: which one applies?

This is the single most important distinction for a shareholder:

• Imputation regime (the default for the 11.25% rate): the 11.25% is an advance. You must still include the gross dividend in your annual global-income declaration and apply the progressive IR scale. The 11.25% already paid is then imputed; you pay any complement or claim a refund.
• Libératoire regime: a rate that settles the tax definitively. The 10% IS→IS rate is libératoire; for resident individuals, certain products (e.g., some fixed-income placements at 20%) are libératoire. In that case, no further declaration of that income is required.

The dividend RAS paid to a resident individual at 11.25% is not libératoire. It is a prepayment that is reconciled against your annual IR.

Worked example

A shareholder receives a MAD 80,000 gross dividend distributed in 2026.

Gross dividend                     MAD 80,000
RAS withheld at source (11.25%)    MAD  9,000
Net amount received                MAD 71,000

At year-end, the shareholder declares the MAD 80,000 gross as part of their global income. The IR is computed per the progressive scale, and the MAD 9,000 already withheld is imputed:

• If the resulting IR share for this income exceeds 9,000 MAD → the shareholder pays the complement.
• If it is lower → the excess is refundable.

For high-income shareholders near the top IR bracket (38%), the 11.25% advance will typically be less than the final IR due - so a complement is owed. For shareholders whose total income is modest, the withholding can exceed the final IR and trigger a refund.

What it means for MRE and foreign investors

Moroccans Residing Abroad (MRE) and foreign shareholders should verify whether a double-taxation treaty applies between Morocco and their country of residence. Treaties often cap the withholding rate (commonly 10% or 15%) and determine which country taxes the income. In the absence of a treaty, the Moroccan domestic rate applies, with a potential tax credit in the residence country. For the practical steps to reclaim any excess withholding, see our Morocco tax refund guide; Gulf residents should also read the Morocco-UAE double taxation guide.

The corporate context also matters: with the corporate tax top rate raised to 35% in 2026, the after-tax profit available for distribution is lower, which compounds with the dividend RAS in total shareholder returns.

Practical takeaways

1. Check the year of distribution - a 2026 distribution is taxed at 11.25%, regardless of the profit year.
2. Keep your withholding certificates (certificat de retenue à la source) issued by the company - you need them to impute the advance on your annual IR.
3. Don't treat 11.25% as final unless you fall under a libératoire regime; declare the gross amount annually.
4. MRE: review applicable treaties before the distribution date.

When the structure is complex (holding companies, cross-border distributions, exit bonuses), consult a tax advisor - the timing and channel of distribution can materially change the effective rate.

Sources

• Direction Générale des Impôts (DGI) – tax.gov.ma
• Loi de Finances n° 50-25 pour 2026 – finances.gov.ma
• Code Général des Impôts 2026 (Article 13)

Disclaimer

This article is for general information only and does not constitute tax or legal advice. It is based on the Loi de Finances n° 50-25 for 2026 and the 2026 Code Général des Impôts (notably Article 13). Confirm exact provisions with the DGI or a licensed advisor.