Capital Gains Tax on Listed Shares in Tunisia

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

For a resident individual, the gain realised from selling a share listed on the Tunis Stock Exchange is taxed at 10% or is not taxed at all. Everything depends on one date: the end of the calendar year following the purchase.

The rule: taxed before the deadline, exempt after

Article 44-III-3 of the Personal Income Tax and Corporate Tax Code (CIRPP) taxes at 10% the capital gain on shares listed on the Tunis Stock Exchange when the sale takes place before the end of the year following that of acquisition or subscription. This rate applies to sales realised since 1^st January 2023.

After this period, the capital gain is not taxed: article 38-17 of the same Code expressly exempts it for listed shares acquired or subscribed for since 1^st January 2011.

How to calculate the timeframe

It is counted in calendar years, not rolling twelve-month periods.

Example. Shares are purchased on 15 March 2025.

• The year following the purchase is 2026; it expires on 31 December 2026.
• A sale on 15 November 2026: capital gain taxed at 10%.
• A sale from 1^st January 2027: capital gain exempt.

Numerical example. Purchase of 1,000 shares at 20.000 DT (20,000 DT); sale in November 2026 at 25.000 DT (25,000 DT). Capital gain: 25,000 − 20,000 = 5,000 DT. Tax at 10%: 500 DT. The same sale in January 2027 gives rise to no tax.

Shares that are always exempt

Article 38-17 exempts the capital gain on:

• listed shares subscribed for or acquired before 1^st January 2011;
• shares acquired during an IPO (see IPOs and capital increases);
• listed shares acquired since 2011 and sold after the end of the year following acquisition;
• shares of SICAV and units of FCP in securities (OPCVM covered by article 10 of the Collective Investment Undertakings Code).

The tax base, capital losses and the allowance that no longer exists

The capital gain is the difference between the sale price and the acquisition or subscription value (article 33 of the Code). For a listed share, the sale price is the price on the Stock Exchange at the date of sale. For a resident, the text does not provide for a deduction of brokerage fees; the example above does not deduct any.

Capital losses from sales in the same year are deducted from capital gains of that year (article 33). The text does not provide for carrying forward a capital loss to the following year.

The annual allowance of 10,000 DT was abolished by article 42 of the Finance Act for 2023 (Decree-Law No. 2022-79 of 22 December 2022). Many pages, including official pages that have not been updated, still mention it: it no longer applies.

Other situations

• In an Equity Savings Account (compte épargne en actions, CEA): the account does not have a separate regime for capital gains; the above rules apply. See the Equity Savings Account guide.
• Unlisted shares and company shares (parts sociales): 15% in case of sale before the same period, 10% after (article 44-III-3). The contrast is clear: for an unlisted security, the capital gain remains taxed after the period.
• Resident company: the capital gain on listed shares is deductible from taxable profit if the securities were acquired before 2011, during an IPO, or if they are sold after the end of the year following acquisition (article 11-I); otherwise, it is included in profits subject to corporate income tax (IS), at the standard rate of 20% since financial year 2024 (article 49-I, amended by article 37 of the Finance Act for 2025).
• Non-residents: the capital gain of a non-resident individual is subject to a withholding tax of 10%, capped at 2.5% of the sale price; for a non-resident company, the rate is 20% (15% before 1^st January 2025), capped at 5% of the price (article 52-I-e bis, amended by article 37 of the Finance Act for 2025). The exemptions of article 38-17 also apply to the capital gain of a non-resident individual, and a double tax treaty may alter the allocation of taxing rights: the situation should be verified on a case-by-case basis.

The Mizen tax simulator applies these rules to the case of a resident individual.

Frequently asked questions

What is the capital gains tax on shares on the Tunis Stock Exchange?

For a resident individual: 10% of the capital gain if the listed share is sold before the end of the calendar year following its purchase; no tax beyond that.

After how long is a capital gain on a listed share exempt?

From 1^st January of the second year following the purchase. For a purchase in March 2025, the sale is exempt from 1^st January 2027.

Does the 10,000 dinars allowance still exist?

No. It was abolished by article 42 of the Finance Act for 2023. A taxable capital gain is taxed from the very first dinar.

How is the capital gain from a sale of shares declared?

For a resident, there is no withholding tax: the net capital gain for the year is declared under article 60-I-1 a bis of the Code, within the deadline set for the annual income tax return (25 February of the following year). The broker or a tax advisor can clarify practical arrangements.

Is the capital gain on shares bought during an IPO exempt?

Yes: article 38-17 exempts shares acquired during an IPO.

• Code de l'IRPP et de l'IS, édition à jour au 01/01/2026 (recueil du Ministère des Finances) — art. 11-I, 33, 38-17, 44-III-3, 49-I, 52-I-e bis et 60 (relu le 30/10/2026)
• Décret-loi n° 2022-79 du 22/12/2022 portant loi de finances pour 2023 (JORT, décembre 2022) — art. 42
• Loi n° 2024-48 du 09/12/2024 portant loi de finances pour 2025 — art. 37

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