On Tuesday, September 29, 2026, at the Royal Palace in Rabat, His Majesty King Mohammed VI received Ms. Fatima-Zahra El Mansouri, coordinator of the collegial leadership of the Authenticity and Modernity Party (PAM), and appointed her Head of Government, tasking her with forming the new executive after the PAM came first in the legislative elections of September 23. The make-up of the future government team will depend on the outcome of consultations with the political parties likely to form a parliamentary majority.
Following the royal audience, Ms. El Mansouri stated that she had received His Majesty the King's High Guidance for managing the next stage.
Pending the government programme, the party's electoral platform gives a first indication of the possible policy directions. Rather than an exhaustive list, we have selected six measures likely to have a concrete impact on businesses and investment decisions, distinguishing in each case between what has been announced and what remains to be clarified.
Measure 1: a corporate tax exemption linked to job creation
What has been announced: a tax exemption for small companies and micro-enterprises creating at least three jobs, for 5 years.
What remains to be clarified: the turnover or profit threshold, the type of jobs (permanent contracts, full-time), the required retention period, whether it applies to existing businesses or only new ones, and the clawback rules in case of non-compliance.
Our reading: a potentially attractive measure for entrepreneurs, but its real value will depend entirely on its conditions. Conditional exemption schemes are often exposed to challenge during a tax audit if commitments are not documented.
Measure 2: a public procurement quota reserved for SMEs
What has been announced: enshrining in law a quota of 15% of the value of public contracts reserved for SMEs.
What remains to be clarified: the definition of an SME, how the quota will be monitored, and how it fits with the current public procurement framework.
Our reading: for SMEs that have not bid for public tenders until now, this could become a growth driver. It requires being up to date with tax and social security obligations, having reliable accounts, and cash reserves able to absorb public-sector payment times.
Measure 3: more selective public support
What has been announced: refocusing public support on sustainable projects, supporting 60,000 businesses over two years, with the scheme assessed on the three-year survival rate.
What remains to be clarified: the selection criteria, the instruments used, and how it fits with existing programmes.
Our reading: the stated direction favours viability over volume. Project owners will need to demonstrate the soundness of their business model, which makes financial forecasting all the more important.
Measure 4: an overhaul of the income tax scale
What has been announced: a scale reduced from six to three brackets and a top marginal rate cut from 37% to 20%.
What remains to be clarified: the timetable, whether the reform will be gradual or immediate, and its possible extension to income other than salaries.
Our reading: for employers, lower income tax withheld at source would increase take-home pay at constant cost. For business owners, the issue is more delicate: some tax experts consider that a 20% cap would create an inconsistency with the taxation of distributed profits. The salary / dividend trade-off may therefore need to be reviewed, particularly in structures held through a holding company.
Measure 5: industrial policy and payment terms
What has been announced: strengthening local industrialisation, import substitution, leveraging the economic legacy of the 2030 World Cup, and reducing payment terms.
What remains to be clarified: the instruments (tax incentives, national preference, financing) and a possible tightening of Law 69-21.
Our reading: possible opportunities for investors in industry, construction and services linked to major projects. On payment terms, businesses would do well to strengthen their supplier tracking now (see last week's article).
Measure 6: funding based on a broader tax base
What has been announced: a MAD 350 billion programme over five years, of which MAD 300 billion would come from targeted 5% growth, a broader tax base, stronger audits and higher contributions from public establishments and enterprises (EEP).
What remains to be clarified: the actual budget trajectory and the audit tools to be used.
Our reading: this is probably the most far-reaching measure for businesses that are already formalised. A strategy of broadening the tax base generally means more audits and cross-checks. The quality of accounting and documentation becomes a form of protection.
Limits to keep in mind
The PAM will not govern alone: the PAM, the RNI and Istiqlal together hold 228 seats, 30 more than the absolute majority of 198. The measures adopted will therefore be the result of a compromise. Moreover, tax relief weighs on revenue at the very moment the programme promises a contained deficit and falling debt, which could lead to the measures being phased in over time.
Once the government is formed, its programme must be presented to both Houses of Parliament. That document will be the real roadmap.
Conclusion
The future government's economic policy will become clearer with the programme presented to Parliament, and then with the first draft finance bill. Until then, the announcements should be read for what they are: intentions, whose scope will depend on political and budgetary trade-offs.