CEA in Tunisia: Cap, Minimum Tax, 5-Year Lock-In

Mizen editorial team · published 30/10/2026 · checked 30/10/2026 · Translation; the French version is authoritative

The Equity Savings Account (compte épargne en actions, CEA) is a tax incentive scheme designed to channel individual savings into companies listed on the Tunis Stock Exchange. Deposited sums reduce personal income tax, provided they remain in the account for at least 5 years. The Mizen simulator calculates the optimal deposit for a given salary.

Who can open a CEA, and where

A CEA is opened for individuals with a bank or a broker (Decree No. 99-2773 of 13 December 1999, article 1). Its tax benefit requires being taxable in Tunisia under the personal income tax schedule.

The account is based on a written agreement with the institution, adhering to a model approved by the Financial Market Council (Conseil du marché financier, CMF); deposited funds do not earn interest (Decree No. 99-2773, articles 4, 5 and 8). General procedures are set out in the opening a securities account guide.

The tax benefit: deduction ceiling and minimum tax

Amounts paid into a CEA are deductible from taxable income up to a limit of 100,000 DT per year (article 39-VIII of the Personal Income Tax and Corporate Tax Code (CIRPP)). This ceiling was set at this level by article 16-1° of the Finance Act for 2021 (Law No. 2020-46). The deduction is subject to submitting, alongside the annual tax return, the deposit certificate issued by the institution.

The deduction cannot reduce income tax below 45% of the tax due without it (article 12 bis of Law No. 89-114 of 30 December 1989, to which articles 39-I-2 and 39-VIII refer; Law No. 2017-8, article 2-6). The maximum tax saving is therefore 55% of the initial tax liability, hence the "up to 55%" figure cited by the Stock Exchange.

Example. A taxpayer owes 10,000 DT in income tax before any deductible payment.

• The minimum tax requires paying at least 4,500 DT (45% of 10,000 DT).
• The maximum tax saving is therefore 5,500 DT (10,000 − 4,500, or 55% of the initial tax liability).
• Any payment beyond that which generates this saving yields no further tax reduction, and remains locked in for 5 years.

According to the Mizen simulator, the 100,000 DT ceiling only comes into play above approximately 18,600 DT gross per month (single individual without dependants, tax schedule under the Finance Act for 2025). Below that level, the minimum tax caps the effective contribution.

Each deduction (CEA, life insurance) has its own ceiling, but the aggregate benefit is restricted by a single minimum tax floor (article 12 bis, to which articles 39-I-2 and 39-VIII refer): once tax liability is brought down to this floor by one scheme, the other yields no additional saving.

When the deduction is applied via payroll during the year, monthly withholding tax cannot become negative: if the deposit certificate is submitted late in the year, payroll adjustment applies only to the remaining months. The account holder can then claim the deduction on their annual tax return, accompanied by the deposit certificate, and recover the excess withholding tax (articles 39-VIII and 60-I-1-f). The deduction itself cannot be carried forward to the following year.

Use of funds and taxation of account income

Deposited sums must be invested (Decree No. 99-2773, articles 2 and 3):

• at least 60% in listed shares, the remainder in fungible Treasury bonds (bons du Trésor assimilables, BTA);
• or in shares of SICAV or units of FCP that comply with the same rule.

The investment period is 90 trading days from the trading day following the deposit; sums not yet invested after 30 trading days are placed temporarily in collective investment funds (OPCVM) for the remaining period. This decree was amended by Decrees No. 2002-1727 and No. 2005-1977, and subsequently by Presidential Decree No. 2022-531 of 3 June 2022.

Securities may be sold within the account. The portion of sale proceeds corresponding to deducted sums must then be redeposited into the same account and reinvested under the same rules and timeframes. Neither the sums used for deduction nor the securities may leave the account during the lock-in period (Decree No. 99-2773, articles 2 and 10).

Income from the account (dividends, BTA interest, capital gains) remains at the free disposal of the holder during the lock-in period (Decree No. 99-2773, article 11). The Code provides no specific CEA tax exemption for this income: dividends are subject to the 10% final withholding tax, BTA interest to a 20% withholding tax (non-final for a resident, article 52-II-1), and capital gains follow general tax rules. See dividend taxation and capital gains.

The CEA page on the Stock Exchange website still mentions a 10,000 DT allowance on capital gains: it was abolished in 2023.

Lock-in period and early withdrawal

Deposited funds must not be withdrawn for 5 years, starting from 1^st January of the year following the deposit (article 39-VIII).

A withdrawal before this period renders saved tax payable:

• withdrawal before the expiry of the 3^rd year following deposit: tax payable, increased by late payment penalties;
• withdrawal after the expiry of this 3^rd year: tax payable, without late payment penalties;
• withdrawal following an unforeseen event: tax payable, without late payment penalties. The list of such events is set by ministerial order (arrêté).

If the institution leaves sums without compliant investment, it is liable for the tax, plus penalties (article 39-VIII).

Frequently asked questions

What are the benefits of the Equity Savings Account (CEA) in Tunisia?

The CEA allows invested amounts to be deducted from taxable income up to 100,000 DT per year, without reducing tax liability below 45% of the tax due without the deduction. Account dividends and capital gains are taxed in the same way as outside the account.

How does the 100,000 dinar ceiling apply?

It is the maximum deductible amount per year. The tax saving remains bounded by the minimum tax: the saving can never exceed 55% of the initial tax liability.

What penalties apply in the event of withdrawal before 5 years?

Saved tax becomes payable again in all cases. Late payment penalties are added if withdrawal occurs before the expiry of the 3^rd year following deposit, except for unforeseen events listed by ministerial order (arrêté).

Is a CEA opened with a bank or a broker?

Both are possible. Tax rules and investment requirements (at least 60% in listed shares) are identical; fees depend on each institution's tariff schedule.

How much should be deposited into a CEA to reduce tax?

Beyond the contribution that brings tax down to the minimum of 45% of initial tax, contributing more yields no additional savings and locks in the funds for 5 years. The simulator calculates this point for a given salary.

• Code de l'IRPP et de l'IS, édition à jour au 01/01/2026 (recueil du Ministère des Finances) — art. 39-I-2, 39-VIII, 52-II-1 et 60-I-1-f (relu le 30/10/2026)
• Loi n° 2017-8 (minimum d'impôt, loi n° 89-114 art. 12 bis) — art. 2-6
• Loi n° 2020-46 du 23/12/2020 portant loi de finances pour 2021 — art. 16-1°
• Décret n° 99-2773 du 13/12/1999 modifié (version consolidée CMF) — art. 1 à 5, 8, 10 et 11
• Bourse de Tunis — CEA (la mention de l'abattement de 10 000 DT y est périmée) — page web

General information; not tax advice and not an investment recommendation.