In this article
You invoice a large customer 120,000 DH, they pay three months late, and you wonder whether the law provides for anything. Conversely, you owe a supplier 80,000 DH and you do not know whether paying late exposes you to a penalty. Since law no. 69-21, which amended the Commercial Code (law no. 15-95), these situations are regulated: maximum terms, a pecuniary fine and a quarterly declaration to the DGI.
Disclaimer: this article is an educational summary, not legal or tax advice. The figures come from DGI circular note no. 734 of 18 October 2023 and from the Bank Al-Maghrib website, but the texts and the key rate may change. Check with your chartered accountant.
In brief
| Topic | Key point |
|---|---|
| Default term | 60 days from the invoice issue date |
| Maximum agreed term | 120 days if the parties agree on it |
| Sector exception | Up to 180 days for certain sectors, by decree issued after an opinion of the Competition Council |
| Late payment | Pecuniary fine: Bank Al-Maghrib key rate (1st month) + 0.85% per additional month or part-month, on the amount including VAT paid late |
| Who receives the fine | The Treasury, not the supplier |
| Declaration | Via SIMPL (DGI), quarterly, for companies with turnover above 2 million DH excl. VAT |
1. What law 69-21 says
Published in Official Bulletin no. 7204 of 15 June 2023, law 69-21 replaces the Commercial Code provisions on payment terms between traders. It applies to invoices issued from 1 July 2023, with the fine coming into force progressively (see section 6). It covers traders with a registered office, tax domicile or establishment in Morocco, as well as private entities managing a public service and public bodies with commercial activity. It was commented on by DGI circular note no. 734 (October 2023).
Two useful clarifications:
- customers whose annual turnover does not exceed 2 million DH excl. VAT are not subject to these provisions (article 78-1 of the Commercial Code);
- transactions with non-residents with no registered office, tax domicile or establishment in Morocco are not concerned.
Another obligation: communicate your payment conditions (including the term) to any trader who asks for them, before the transaction is concluded.
2. The terms: 60, 120 and 180 days
- 60 days if nothing is agreed;
- 120 days maximum if a term is agreed between the parties. This is a ceiling: if you agreed on 45 days, it is that 45-day term that applies;
- 180 days at most for certain sectors, only through a decree issued after an opinion of the Competition Council, on the basis of agreements concluded by professional organisations. If your activity is concerned, check the text applicable to your sector.
The agreed term must appear in your commercial documents (quote, purchase order, contract, terms of sale). See also our guide to paying suppliers.
3. Starting point: the invoice date, not the delivery date
This is the most important change. The term runs from the invoice issue date, not from the receipt of goods. In return, the invoice must be issued no later than the last day of the month of delivery or performance of the service. If it is not, the term starts at the end of the month of delivery or performance.
Two special cases: for contracts with a periodicity of one month or less (water, electricity, telephone, rental…), the term starts on the first day of the following month; and if the due date falls on a public holiday or non-working day, it is postponed to the following first working day.
In practice: invoicing late does not delay your legal due date, and issuing your invoice within the month protects your rights. Worth remembering for companies that invoice at the end of a project.
4. The pecuniary fine: formula and recipient
Any overrun exposes the debtor to a pecuniary fine calculated as follows:
- 1st month of delay: the Bank Al-Maghrib key rate applicable at the end of the first month of delay;
- each additional month or part-month: + 0.85%.
All on the amount including VAT of the invoice that was not paid on time. A month that has begun counts in full.
Formula: fine = amount incl. VAT × [key rate + (N − 1) × 0.85%], where N = number of months (or part-months) of delay.
A commonly misunderstood point: this fine is paid to the Treasury, not to your supplier or to you. It replaces the former late-payment compensation that article 78-3 provided for the benefit of the supplier. It is not deductible from taxable profit (article 11-I of the CGI, as recalled by the circular note). If an invoice is the subject of a dispute brought before the court, the fine is suspended until the final decision; an out-of-court settlement, on the other hand, does not suspend it. To claim compensation from a late-paying customer, take advice.
The Bank Al-Maghrib key rate
According to the Bank Al-Maghrib decision history, the key rate has been 2.25% since the decision of 20 March 2025, and was maintained on 19 March 2026 (the latest decision we checked on the official website). It may have changed since: consult the Bank Al-Maghrib website.
5. Worked example of the calculation
Rate of 2.25% used for illustration only: replace it with the rate in force. In practice, the fine is declared and paid quarter by quarter; the amounts below are totals.
Case 1. Invoice of 120,000 DH incl. VAT, due on 1 July, paid on 25 September (late over July, August and part of September, so N = 3):
- Rate: 2.25% + 2 × 0.85% = 3.95%
- Fine: 120,000 × 3.95% = 4,740 DH, paid to the Treasury.
Case 2. Invoice of 30,000 DH incl. VAT, due on 5 March, paid on 25 March (20 days late within the same month, N = 1):
- Fine: 30,000 × 2.25% = 675 DH.
Even a delay of a few days therefore costs the key rate on the whole invoice: a good reason to follow due dates closely.
6. Who is concerned and when: the implementation calendar
The fine and the declaration apply progressively according to turnover excl. VAT for the last closed financial year, for invoices issued from:
| Turnover excl. VAT | Applies from |
|---|---|
| Over 50 million DH | 1 July 2023 |
| 10 to 50 million DH | 1 January 2024 |
| 2 to 10 million DH | 1 January 2025 |
Below 2 million DH of turnover excl. VAT, the customer company is not subject to these provisions (see section 1).
7. The quarterly declaration on SIMPL
The declaration is made exclusively online, on the DGI's SIMPL – Délais de paiement (payment terms) service. It covers invoices paid late or unpaid, with a detailed statement invoice by invoice. Principles:
- quarterly, before the end of the month following the quarter; for example, the declaration for the 3rd quarter of 2026 must be filed before the end of October 2026;
- it is due even with no late invoice at all;
- the fine is paid spontaneously with the declaration;
- the detailed statement is certified by the statutory auditor (turnover of at least 50 million DH) or by a chartered accountant or approved accountant (below that);
- on a transitional basis, companies up to 50 million DH filed an annual declaration for 2024 and 2025 (before 1 April 2025 and 1 April 2026);
- penalties for failure to file or late filing or payment, by turnover excl. VAT: 5,000 DH (2 to 10 M), 12,500 DH (10 to 50 M), 50,000 DH (50 to 200 M), 125,000 DH (200 to 500 M), 250,000 DH (above 500 M); an insufficient or incomplete declaration costs 5,000 DH per invoice missing or inaccurate.
8. In practice in Billora
Billora is not accounting software and neither calculates the fine nor fills in SIMPL for you. It helps you avoid letting due dates slip:
- Payment term per customer: set a default term on the customer record; the due date of their new invoices is calculated from the issue date.
- Suppliers: on a purchase order or an expense, the due date starts from the supplier's payment term, so you pay before the deadline.
- Automatic reminders: a schedule of D-3, D0, D+7 (and D+30 depending on the subscription), which stops as soon as the invoice is paid. See chasing unpaid customer invoices and the Reminders documentation.
- Payment promises and collections: record what the customer commits to pay and by what date, see payment promises.
- Aged balance: your receivables ranked by age, see the documentation. Cash flow management depends on it.
For the SIMPL declaration, entrust it to your chartered accountant.
Frequently asked questions
What is the legal payment term in Morocco?
60 days from the invoice issue date if nothing is agreed, 120 days maximum if a term is agreed, and up to 180 days for certain sectors set by decree.
Who receives the fine for late payment?
The Treasury, not the supplier. It replaced the former late-payment compensation owed to the supplier; to obtain compensation, ask a legal professional for advice.
Does the term start from delivery or from the invoice?
From the invoice, which must be issued no later than the last day of the month of delivery. Without an invoice, or if it is late, the term starts at the end of that month.
Is a delay of a few days penalised?
A month or part-month that has begun counts in full: a few days of delay give rise to the fine at the first-month key rate.
Is my small business concerned?
If your annual turnover does not exceed 2 million DH excl. VAT, your payments are subject neither to the fine nor to the declaration. Above that, you must file every quarter, even with no late payment. Your chartered accountant will confirm your situation.
Official sources
- DGI circular note no. 734 on law no. 69-21 (PDF, tax.gov.ma): scope, terms, fine (key rate + 0.85%), declaration, penalties, calendar.
- Directorate General of Taxes: SIMPL – Délais de paiement online service.
- Bank Al-Maghrib, monetary policy decision history: key rate.
- Secrétariat Général du Gouvernement, Official Bulletin: text of law no. 69-21 amending law no. 15-95 forming the Commercial Code (BO no. 7204 of 15 June 2023).
Last updated: October 2026, key rate to be rechecked before any decision.