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 holdings are locked for 5 years.
Growth measured on OUR TUNINDEX history, 15/05/2023 to 17/09/2026 — 833 sessions, i.e. 3.3 years: 128 % in total, 27.9 % 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). |
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.
Capital gains
IndividualCode IRPP-IS art. 44-II-3 (taux) ; art. 38-17 (exonération des actions cotées souscrites ou acquises avant le 01/01/2011 et de celles acquises dans une opération d'introduction en bourse) ; art. 42 LF 2023 (décret-loi 2022-79) et NC 2023-003 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. The taxable gain is computed after deducting documented acquisition and disposal costs.
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 et 48-VII quater ; art. 49-I pour le taux d'IS.
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-II 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.
Income earned inside the account — dividends, interest and gains — is not taxed.
It is the CASH PAID IN that is locked for 5 years, from 1 January of the year after the deposit — not the securities. Trading inside the account stays free, provided the proceeds are reinvested within 30 trading days.
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.
Sources
Personal and corporate income tax code as at 1 January 2026, the finance acts cited and the tax administration's circulars. Checked on 02/09/2026.
This page describes the ordinary regime of a resident. It does not replace the review of a specific situation, and is not investment advice.