The difference in tax treatment between an acquisition of stock in a company and the acquisition of business and liabilities concerns the registration fees regime applicable to these operations.

• The acquisition of shares of a Moroccan company is exempted from registration fees since the 1st January 2018 (before Financial Law for budgetary year 2018 it was subject to registration fees of 4 per cent).

• If the acquisition of business assets and liabilities are part of a transfer of a business, this transaction will be subject to registration fees of 6 per cent while the inventory acquired in connection with the transfer of a business is subject to a registration fee of 1 per cent.