Tunis Stock Exchange Fees: Brokerage and VAT
Mizen editorial team · published 30/10/2026 · checked 30/10/2026 · Translation; the French version is authoritative
Every purchase and sale of shares on the Tunis Stock Exchange incurs three costs: the Stock Exchange commission, the broker's brokerage fee, and VAT. The first is capped by ministerial order (arrêté); the second is negotiated; the third applies to commissions.
What is paid on a contract note
The broker sends an execution notice (contract note / avis d'opéré) within 5 business days following the transaction. It specifies the quantity, price, brokerage fee, duties, commissions, taxes, and net amount.
The cost to the investor is summarised as follows: brokerage fee + Stock Exchange commission (0.15%) + VAT, on both purchases and sales.
These transaction costs are separate from tax on dividends or capital gains, covered in the taxation and fees guide. To place an order, one must first open a securities account with an approved broker.
The Stock Exchange commission
Its ceiling is set by order of the Minister of Finance of 27 March 1996, as amended in 2016 (ceilings modified in 2020):
- listed shares and other equity securities: 0.15% on purchases and 0.15% on sales, capped at 40,000 DT per transaction and per party;
- other securities (bonds, etc.): 0.05%, capped at 5,000 DT;
- traded unlisted securities: 0.30%;
- registered off-market transactions (gifts, inheritances, etc.): 0.20% per party on equity securities, minimum 15 DT, maximum 40,000 DT.
Transaction rates are halved for OPCVM.
Older documents still cite a tiered schedule (0.20% then 0.10%, maximum 10,000 DT): it was replaced by the 2016 version of the order.
The broker's brokerage fee
Brokerage remunerates the broker. It is freely negotiated in the account agreement; the broker's tariff schedule specifies the rate. The decree on the status of brokers also prohibits "excessively low" commissions.
The broker provides its fee schedule alongside the agreement. A fee increase must be notified 45 days before taking effect, and the client has one month to object.
No CMF line, but VAT
The contract note contains no CMF fee charged to the investor. The regulator's levy (23% of transaction fees) is charged to the Stock Exchange itself.
VAT of 19% applies to commissions. Its tax base appears on each contract note.
Numerical example
Purchase of shares for 10,000 DT. Illustrative assumptions, which do not represent standard market rates: brokerage fee of 0.50%, and VAT calculated on the brokerage fee and the Stock Exchange commission. The broker's contract note provides the actual amounts.
| Item | Calculation | Amount |
|---|---|---|
| Stock Exchange commission | 10,000 × 0.15% | 15.000 DT |
| Brokerage fee (assumption) | 10,000 × 0.50% | 50.000 DT |
| VAT (assumption: on both commissions) | 65 × 19% | 12.350 DT |
| Total fees | 77.350 DT |
Under these assumptions, the buyer disburses 10,077.350 DT. Upon resale, the same fees apply again: a round-trip trade costs roughly double.
Two key considerations
Fees apply twice. Between purchase and sale, the share price must rise by at least the total of both fee sets for the transaction to break even. The tax treatment of the gain is described in the guide to capital gains.
Small orders. If the fee schedule includes a minimum brokerage fee per order, this minimum weighs heavily as a percentage on a small amount: the broker's fee schedule specifies it.
Frequently asked questions
What are the brokerage fees on the Tunis Stock Exchange?
There is no standard rate: brokerage is negotiated in the account agreement, and the tariff schedule provided by the broker is authoritative.
What does the 0.15% Tunis Stock Exchange commission represent?
It is the regulatory cap on the Stock Exchange commission for listed shares, payable by both buyer and seller, up to a limit of 40,000 DT per transaction and per party.
How much does a share purchase cost in Tunisia?
The purchase amount, plus brokerage, plus 0.15% Stock Exchange commission, plus VAT of 19% on commissions. In the example above, under its assumptions, a 10,000 DT purchase incurs approximately 77 DT in fees.
Does one pay a commission to the CMF?
No. No CMF charge appears for the investor: the CMF levy is deducted from the Stock Exchange itself.
Sources
- Arrêté du ministre des Finances du 27/03/1996, version consolidée 2016 modifiée en 2020 — art. 1er, 6 et 8
- Décret n° 99-2478 du 01/11/1999, statut des intermédiaires en bourse — art. 52 à 54
- Bourse de Tunis — commission / tarification investisseurs — page web
- Bourse de Tunis — investir en bourse — page web
General information; not tax advice and not an investment recommendation.