The Moroccan government will discuss, next Thursday, the adoption of a solidarity tax aimed to fund compensation for natural disasters and terrorist offences.
According to an explanatory memorandum to a draft decree, which the Moroccan government will discuss during its next weekly meeting, “the value of the tax fee will amount to 1 per cent of premiums, additional premiums, or contributions paid for insurance contracts.”
The State contributes 80 per cent to the mobilisation of resources for the Compensation Fund.
In September 2016, Morocco passed a law that included a system to cover the consequences of catastrophic events, including terrorist attacks, which came into force last March.
The law provided for 4.7 billion Moroccan dirhams ($ 480 million) to compensate for natural disasters and terrorist attacks.
The law says that “a violent act committed by a human is considered as a catastrophic event, if it involves a terrorist act, a direct consequence of sedition or popular unrest provided its effects are hazardous to the public.”
The law also included a fund for solidarity against catastrophic events and terrorist attacks, which is subject to state supervision and financial control and aims to compensate victims of devastating events under conditions specified by the law.