Casablanca’s CFC Debunks Tax Haven Rumors

Wednesday, 19 June, 2019 - 10:45
Casablanca - Lahcen Mokena

Head of Morocco’s Casablanca Finance City (CFC) Said Ibrahimi has said that the number of firms that have acquired CFC status rose to 185 with three new companies getting licensed on Monday.

According to Ibrahimi, the number is set to increase in light of the advantages offered by the Moroccan financial center to companies that want to expand into the African continent.

Moroccan King Mohammed VI, in 2012, had launched a host of economic measures that intend to transform the country into the hub through which Africa connects to the world.

Speaking at a conference, the CFC chief said 2018 was marked by many companies enlisted by the center moving offices to one of the city’s 27-story towers in Casablanca.

Ibrahimi underscored that the CFC is working to erect two new eco-friendly office buildings. The mega towers, according to him, were financed by CFC-issued green bonds.

Responding to reporters, Ibrahimi also defended Morocco’s progress against statements made by a European commissioner.

He reaffirmed that CFC tax regime was not the main incentive for such companies to settle in Casablanca but rather the network and other facilities offered to foreign companies in terms of doing business and hiring.

“CFC is not a tax haven. Enterprises do not come to Morocco for its tax regime,” he said.

Speaking on CFC developments, Ibrahimi pointed out that the number of employees of companies residing there touched on 4,000 workers, with an annual turnover exceeding 6 billion dirhams ($600 million dollars).
The City, according to him, contributes about 790 million dirhams ($79 million dollars) in tax revenues.

Ibrahimi clarified that 40 percent of the companies residing in Casablanca are European, 37 percent are African, 12 are American, 5 percent are Middle Eastern and 4 percent are Asian.

Given that Africa is a complex and difficult continent to grasp without a local presence, Casablanca’s CFC works to provide support and presence throughout the life of the company and allows access to an active business community.

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