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Impôt sur les sociétés et investissement : quel lien au Maroc ?

Author

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  • Chafik, Omar

    (Bank Al-Maghrib, Département de la Recherche)

Abstract

L’impôt sur les sociétés (IS) est souvent présenté comme un instrument budgétaire efficace pour encourager l’investissement. Ce travail investigue ce lien dans le contexte marocain en utilisant des données macroéconomiques et microéconomiques. Plus précisément, un modèle VAR structurel est utilisé au niveau de l’approche macroéconomique pour étudier la réaction de l’investissement à une baisse de la pression fiscale de l’IS. Au niveau de l’approche microéconomique, des régressions en panel sur les données comptables des entreprises non financières marocaines sont conduites pour apprécier l’impact du taux effectif de l’IS sur l’investissement privé. Sur le plan macroéconomique, il ressort que l’allégement de la pression fiscale de l’IS aurait un effet légèrement positif sur l’investissement au Maroc. Mais en même temps, la baisse des taux d’IS affecterait les recettes fiscales et induirait un creusement du déficit budgétaire. Sur le plan microéconomique, l’analyse effectuée montre que l’effet de l’IS sur l’investissement est significatif mais reste moins important comparativement à l’effet de certaines variables comme la trésorerie ou l’âge de l’entreprise.

Suggested Citation

  • Chafik, Omar, 2021. "Impôt sur les sociétés et investissement : quel lien au Maroc ?," Document de travail 2021-4, Bank Al-Maghrib, Département de la Recherche.
    • Handle: RePEc:ris:bkamdt:2021_004
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    More about this item

    Keywords

    Impôt sur les sociétés; investissement; SVAR; données bilancielles; régression en panel;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education

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