In this article
Your web agency has just won a client in Paris, or your clothing workshop is shipping an order to Lyon. The client wants an invoice in euros, you think in dirhams, and three questions arise at once: should VAT be added? What must the invoice show? And at what rate should the euros be converted in your books?
Here are the essentials for a Moroccan SME invoicing exports, with what Billora does and does not do in this case.
Disclaimer: this article is an educational summary, not legal or tax advice. The rules change with each finance law and foreign-exchange regulation is detailed. Have your situation validated by your chartered accountant and your bank.
1. Export VAT: an exemption with the right to deduct
Article 92-I-1° of the General Tax Code (CGI) exempts from VAT, with the right to deduct, goods delivered and services rendered for export. In practice you invoice without VAT ("0% rate") and you still recover the VAT paid on your purchases related to the transaction, unlike a simple exemption.
Two cases to distinguish:
- Exported goods: the exemption covers the last sale made in Morocco that has the direct and immediate effect of exporting the goods. It is conditional on proof of export: transport documents, shipping slips, customs receipts or other documents accompanying the goods. Without these supporting documents, the tax authority may treat the sale as taxable.
- "Exported" services: the provision covers services intended to be exploited or used outside Moroccan territory, as well as services relating to exported goods, performed on behalf of companies established abroad. What counts is not the client's nationality but where the service is used. The CGI requires the export to be proven by the invoice issued in the name of the client abroad and by the supporting documents for the payment in foreign currency, certified by the competent body (or any document serving the same purpose).
A frequent doubt: a foreign client whose service is in fact used in Morocco (for example, a service rendered to its Moroccan subsidiary) does not automatically qualify for the exemption. In that case, ask your accountant before issuing the invoice.
For how VAT and its filing work in general, see our guide Filing VAT in Morocco.
2. Details to put on the invoice
An export invoice remains a Moroccan invoice: it must carry the usual details (see How to issue a DGI-compliant invoice). For exports, also take care of:
- your full identification: company name, address, ICE, IF, RC, TP;
- identification of the foreign client: company name, full address, country, and its tax identification or VAT number (for example the intra-EU VAT number for a European client), where it has one;
- the exemption statement, for example "VAT exemption, export, article 92-I-1° of the CGI": for an exempt transaction, article 145-III of the CGI provides that the mention of the tax is replaced by an indication of the exemption;
- the breakdown by rate: a 0% / exempt line, as on any invoice;
- the currency and payment terms (international transfer, bank details with the IBAN and SWIFT/BIC code of your account).
For a sale of goods, add the shipment references (incoterm, transport or customs declaration number): they will serve as supporting evidence.
3. Invoice in euros or dollars, account in dirhams
Nothing prevents you from issuing the invoice in EUR or USD for your client. However, your accounts and tax returns are kept in dirhams. You therefore need to convert.
Which rate? The usual guidelines:
- Use an official, traceable exchange rate, the most common being the reference rate published by Bank Al-Maghrib (bkam.ma), on the invoice date or the date of the transaction;
- apply the same rate consistently and keep the source (screenshot or printout of the day's rate);
- on receipt, the difference between the invoice rate and the amount actually credited in dirhams by your bank is an exchange gain or loss to be dealt with in the accounts.
The exact choice of rate (invoice date, transaction date, buying or selling rate) is a matter for your chartered accountant: the precise rule may vary with the nature of the transaction. What matters is being consistent and documented.
Worked example
You invoice EUR 3,000 of consulting services to a French company. Reference rate on the invoice date: 1 EUR = 10.80 MAD (illustrative value).
- Amount in dirhams: 3,000 × 10.80 = 32,400.00 DH, without VAT;
- on receipt, your bank credits for example 32,100.00 DH (applied rate and transfer fees): the 300.00 DH difference is an exchange and fee loss, to be booked.
4. Payment: international transfer and repatriation of currency
A foreign client's payment usually arrives by international transfer to a bank account held in Morocco. On the Office des Changes side, exporters of goods must repatriate the proceeds of their exports, in a currency quoted on the foreign-exchange market, within a maximum of 150 days from the date of customs entry for a firm sale (extended in certain specific cases, for example consignment sales of perishable goods or export credits granted to foreign clients).
For services, foreign-exchange regulation lays down its own procedures (contract, domiciliation, deadlines). They are not simply the deadline that applies to goods: check them with your bank or the Office des Changes (oc.gov.ma) before signing the contract.
Remember: failing to comply with the repatriation rules exposes you to proceedings for breach of foreign-exchange regulations. So keep bank credit advices, invoices and customs documents.
5. Credit notes and corrections in foreign currency
A credit note that cancels or reduces a foreign-currency invoice follows the same logic: it must refer to the original invoice, use the same currency and be converted at the rate you chose, consistently with the original invoice. If you actually refund the client in foreign currency, the dirham amount leaving your account may differ from the original amount: the difference is dealt with in the accounts, not on the document.
In practice in Billora
Billora handles foreign-currency invoicing on an indicative basis:
- on a foreign client's record, the "International" card lets you choose an invoicing currency and an exchange rate;
- in the invoice form, a "Foreign currency, indicative display on the invoice" card appears: you enter the rate ("1 EUR = ? MAD");
- amounts remain stored in dirhams (MAD): the equivalent in the client's currency is shown for information only on the invoice;
- tax documents (for example the UBL file for e-invoicing) remain issued in MAD.
What Billora does not do: it is not a multi-currency accounting tool, and it handles neither conversion differences nor revaluation. The rate is the one you enter: choose it according to your accountant's guidelines. You can put the exemption statement in the "Notes (visible on the invoice)" field.
Step by step: Create an invoice, and for corrections: Credit notes.
Frequently asked questions
Must I charge VAT to a foreign client?
In principle no, if the conditions of article 92-I-1° of the CGI are met (proven export for goods, service used outside Morocco for services). The exemption carries the right to deduct. If in doubt about where the service is used, ask your accountant.
Which exchange rate should I use?
An official, traceable rate, in practice the Bank Al-Maghrib reference rate on the transaction date, applied consistently. The precise choice (date, rate) should be validated with your chartered accountant.
Can I be paid into an account abroad?
As a general rule no: export proceeds must be repatriated and pass through a bank in Morocco. Exceptions are governed by the Office des Changes; ask your bank.
Does Billora do foreign-currency accounting?
No. Amounts are stored in MAD; the currency and rate are used for an indicative display on the invoice.
What if the client pays less than expected because of the exchange rate?
The difference between the amount converted on the invoice and the amount credited is an exchange gain or loss to record in the accounts. Do not alter the invoice for that.
Official sources
- General Tax Code, 2026 edition (Ministry of Economy and Finance, PDF): article 92-I-1° (export exemption and supporting documents), article 145-III (invoice details)
- Office des Changes, repatriation of goods export proceeds
- Bank Al-Maghrib, reference rates
- Ministry of Economy and Finance
Last updated: October 2026. Informational article: check the texts in force and validate your case with a chartered accountant.