Tunisia Dividend Tax: BVMT Rates & Rules

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

Tax on a dividend from a Tunisian company depends on who receives it: resident individual, company, non-resident.

The principle: a final withholding tax

For an individual tax resident in Tunisia, dividends distributed by a Tunisian company are subject to a withholding tax at the rate of 10% (article 52-I-c bis of the Personal Income Tax and Corporate Tax Code (CIRPP)).

This rate applies to distributions made since 1^st January 2018 (article 46 of the Finance Act for 2018). The rate of 5%, applied from 2015 to 2017 and still cited on older pages, is obsolete.

This withholding tax is final (article 52-II-1). The tax is deducted at the time of payment: the shareholder receives a net amount, and the dividend is not subject to the income tax scale.

An exception applies in favour of small retail investors: an individual whose dividends do not exceed 10,000 DT in the year may offset the withholding tax against their annual income tax, or obtain a refund (same article). This requires filing a return; without action, the withholding tax remains definitive.

Disposal gains follow other rules: see capital gains and the tax simulator.

Numerical example: net dividend received

A resident individual holds 1,000 shares; the ordinary general meeting (AGO) approves a gross dividend of 3.000 DT per share.

• Gross : 1,000 × 3.000 = 3,000 DT
• Withholding tax of 10% : 300 DT
• Net paid : 2,700 DT (2.700 DT per share), with no further tax to pay.

Ex-dates (detachment) and payment dates appear in the dividends section; the guide reading a dividend notice explains each item.

Dividends received in an Equity Savings Account (compte épargne en actions, CEA)

The CEA entitles the holder to a deduction of amounts deposited against taxable income; the Code provides no exemption for dividends received within the account (article 39-VIII). These dividends therefore undergo the same withholding tax of 10%. The holder may dispose of them freely during the lock-in period (Decree No. 99-2773, article 11). See the guide to the CEA.

Non-residents and privileged tax regimes

• Non-residents (individuals and legal entities) : withholding tax of 10%, final (articles 52-I-c bis and 52-II-1). Dividend notices in 2026 apply it this way (for example the UBCI communiqué of 29/04/2026).
• Privileged tax regimes : the rate is increased to 25% when the beneficiary is resident or established in a state or territory with a privileged tax regime (article 52, last paragraph, amended by article 35-4 of the Finance Act for 2019). The list of these states is fixed by order of the Minister of Finance (arrêté).
• Double tax treaties : a double taxation avoidance treaty may cap the tax levied in Tunisia for a resident of the other state, provided a tax residence certificate from that state is produced. As the domestic rate is already low, the key issue is mainly the tax credit granted, or not, by the country of residence: this depends on each treaty and on the domestic law of that country.

Resident companies and equity prior to 2014

• Resident companies : the regime for a resident company receiving a dividend falls under corporate income tax (IS) and is not covered here. The 2026 dividend announcements address the withholding tax for resident individuals and non-residents (for example that of UBCI); a corporate shareholder should verify its position with its tax advisor.
• Equity prior to 2014 : the withholding tax does not apply to distributions paid out of equity appearing on the company's balance sheet as of 31 December 2013, provided that these funds are mentioned in the notes to the financial statements filed for the year 2013 (article 19-7 of the Finance Act for 2014).

When an issuer announces a dividend without withholding tax, it usually involves this allocation from pre-2014 equity, rather than a general exemption regime.

Frequently asked questions

What is the tax on dividends in Tunisia in 2026?

For a resident individual: a final withholding tax of 10%, deducted at payment (article 52 of the CIRPP, rate in force since 2018).

Is the withholding tax on dividends final?

Yes: the dividend is not subject to the income tax scale. The only exception, in favour of the taxpayer: when dividends for the year do not exceed 10,000 DT (article 52-II-1, arising from article 19-6 of the Finance Act for 2014), the withholding tax may be credited against annual tax or refunded.

What is the dividend tax rate for a non-resident?

10%, for both individuals and legal entities; 25% for a beneficiary established in a state with a privileged tax regime. A double tax treaty may modify the position, upon presentation of a tax residence certificate.

Why are some dividends paid without withholding tax?

Most often because they are paid out of equity appearing on the balance sheet as of 31/12/2013 and mentioned in the notes to the financial statements for 2013 (article 19-7 of the Finance Act for 2014).

Are dividends received in a CEA taxable?

Yes, under the same conditions as outside the account: withholding tax of 10%. The benefit of the CEA relates to the deduction of sums paid in, not to the dividends.

• Code de l'IRPP et de l'IS, édition à jour au 01/01/2026 (recueil du Ministère des Finances) — art. 39-VIII et 52 (relu le 30/10/2026)
• Loi n° 2017-66 du 18/12/2017 portant loi de finances pour 2018 — art. 46
• Loi n° 2013-54 du 30/12/2013 portant loi de finances pour 2014 — art. 19, paragraphes 6 et 7
• Loi n° 2018-56 du 27/12/2018 portant loi de finances pour 2019 — art. 35-4
• Décret n° 99-2773 du 13/12/1999 (version consolidée CMF) — art. 11
• Communiqué de dividende UBCI, 29/04/2026 — p. 1

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