Tax and fees on the Tunis Stock Exchange
How much to pay into a CEA, and what it returns
Amounts paid into an equity savings account are deducted from taxable income, up to 100,000 TND a year and without bringing the tax below 45 % of what it would have been. The amounts paid in are locked for 5 years.
Growth measured on OUR TUNINDEX history, 15/05/2023 to 30/10/2026 — 864 sessions, i.e. 3.5 years: 122 % in total, 26.0 % a year. This is not a forecast, and five years are not available.
| Annual taxable income | — |
| Tax without a CEA | — |
| Worthwhile payment into the CEA | — |
| Tax after the payment | — |
| Tax saved | — |
| Immediate return on the payment | — |
| Value of the holding at the end | — |
| Total recovered, tax saving included | — |
| Equivalent annualised return | — |
An order of magnitude, not advice. The calculation assumes a steady salary, ignores the social solidarity contribution — which a payment also reduces, so the real saving is slightly higher — and leaves out brokerage fees and dividends. Mizen is neither a broker nor an investment adviser.
Fees
A trade bears two commissions plus VAT. There is no regulator line on a contract note: the CMF levy is charged to the exchange, not to the investor.
| Exchange commissionDécision de la Bourse — titres de capital cotés | 0.15 % | Listed equity, borne by both buyer AND seller. Capped at 40,000 TND per side and per trade. |
| Brokerage | 0.60 % | Freely set within the market cap, by your brokerage agreement. The value offered here is a working assumption: replace it with yours. |
| VAT on commissions | 19 % | |
| CMF levy | — | Nothing on the investor's side: 23% of the commissions collected by the exchange, charged to it (order of 27/03/1996, amended 01/04/2009). |
In detail: Transaction Fees on the Tunis Stock Exchange
Dividends
Resident individual: a 10 % withholding tax, final — the dividend is not reported again in the annual return.Code IRPP-IS art. 52 ; taux porté de 5 % à 10 % par l'art. 46 de la LF 2018 (loi 2017-66). Libératoire.
Resident company: dividends received from a Tunisian company are not taxed a second time.
In detail: Dividend Taxation on the Tunis Stock Exchange: Rates & Rules
Capital gains
IndividualCode IRPP-IS art. 44-III-3 (taux) ; art. 38-17 (exonération : actions cotées acquises avant 2011, lors d'une introduction en bourse, ou cédées après l'expiration de l'année suivant l'acquisition) ; art. 42 LF 2023 (décret-loi 2022-79) pour la suppression de l'abattement.
| Case | Tax |
|---|---|
| Listed shares subscribed or acquired before 1 January 2011, or acquired in an IPO | exempt |
| Listed shares sold after the end of the year following acquisition | exempt |
| Listed shares sold before that date | 10 % |
The 10,000-dinar annual allowance is gone: article 42 of the 2023 Finance Act removed it.
Company: the gain is deductible from taxable profit in the same cases; otherwise it is taxed at the standard corporate rate (20 %).Code IRPP-IS art. 11-I ; art. 49-I pour le taux d'IS.
In detail: Tax on Capital Gains from Listed Shares in Tunisia
The share savings account (CEA)
Opened with a bank or a broker, it is used to subscribe or buy listed shares, assimilable treasury bonds or open-ended fund shares.Code IRPP-IS art. 39-VIII et décret 99-2773 ; art. 16-1° LF 2021 (loi 2020-46) pour le plafond ; NC 2021-001.
Amounts paid in are deducted from taxable income, up to 100,000 TND a year, provided the tax due does not fall below 45 % of the tax computed before the deduction.
The CEA lowers the tax on salary, not on what the account earns: dividends received still bear the 10% final withholding, and treasury-bond interest a 20% withholding that is not final.
The CASH PAID IN is locked for 5 years, from 1 January of the year after the deposit: neither the deducted amounts nor the securities may leave the account. Selling inside the account remains allowed, provided the proceeds are paid back in and reinvested within 90 trading days; amounts not invested after 30 trading days are placed temporarily in mutual funds (UCITS) (décret 99-2773, art. 3).
An early withdrawal forfeits the benefit. Late-payment penalties are not due, however, if the withdrawal occurs after the end of the 3rd year following the deposit, or follows an unforeseeable event.
In detail: Guide to the Equity Savings Account (CEA) in Tunisia
Sources
Personal and corporate income tax code as at 1 January 2026, the finance acts cited and the tax administration's circulars. Checked on 30/10/2026.
This page describes the ordinary regime of a resident. It does not replace the review of a specific situation, and is not investment advice.