Tax advantage securities account tv_user December 15, 2021
What is a Tax Advantage Securities Account ?

Benefit from the know-how and expertise of our portfolio managers

The possibility to realize

A tax saving of


Up to
35000 TND
Vous souhaitez réduire votre impôt sur le revenu ? Vous voulez constituer votre patrimoine tout en réduisant votre pression fiscale ?
Nos conseillers vous accompagnent pour atteindre cet objectif en vous proposant une stratégie adaptée et une solution optimale.
Discover the associated products
CEA dedicated mutual funds
A qui s'adresse le CEA libre ?
Le CEA est accessible à toute personne physique soumise à l’impôt et domiciliée fiscalement en Tunisie : salariés, professions libérales…Il s’adresse en particulier aux clients qui décident eux-mêmes des opérations d’achat ou de vente de titres.
Comment ouvrir un CEA libre ?
Le CEA en Gestion Libre peut être ouvert auprès de l’une de nos agences Tunisie Valeurs. Lors de l’ouverture d’un CEA Libre, vous signez une convention précisant le mode de gestion.
What are the advantages of a CEA ?
The CEA is an intelligent formula for investing in the stock market by making diversified and profitable investments over the medium and long term. This formula offers you many advantages :
  • You deduct the sums deposited in the CEA, from the base of your taxable income, up to 100 000 dinars per year
  • Your tax gains can reach 55% of the tax amount
  • You benefit from the potential gain (capital gain) on the medium/long term of the acquired shares.
  • You decide how much, when and how often you feed the CEA.
The benefit of the tax advantage linked to the CEA is subject to the respect of certain conditions :
  • The sums deposited in the CEA account must be frozen for a period of 5 years, starting on January 1 of the year following the year of deposit. The blocking obligation applies only to the amounts deposited. Sales and purchases in the CEA are free.
  • Presentation to the employer or the tax authorities of a certificate of deposit issued by Tunisie Valeurs.
  • Sums deposited in the CEA, used within 30 trading days following the date of their deposit, for the exclusive acquisition of
    • at least 80% in listed shares and at most 20% in Assimilable Treasury Bonds issued by the State
    • or of shares or units of OPCVM respecting these same rules.
  • The sale of securities is permitted on condition that the sums used to acquire them (and to determine the tax advantage) are returned to the CEA. These sums must be reused within a period not exceeding 30 trading days.
  • The sums deposited in the CEA do not earn interest
  • Regarding the beneficiary, following the non-respect of the blocking condition:
      • Withdrawal of the sums and securities deposited before the expiry of the 5th year following the year of their deposit entails the payment by the account holder of the tax due and not paid, increased by late penalties.
  • The payment of late penalties is not due in case of withdrawal due to unforeseeable events: illness, accident with bodily injury, work stoppage, death of the account holder…
  • The death of the account holder does not imply the forfeiture of the account (closing of the account) and of the benefits granted.
  • The heirs retain the tax benefits provided they respect the blocking conditions for the remaining period.
  • Management under mandate: in this case you delegate the management of your CEA to one of our portfolio managers.
  • Collective management: in this case you invest in one of our dedicated CEA funds: FCP Valeurs CEA or FCP BIAT Epargne Actions. You will thus combine tax savings with the advantage of collective management.
No, the law does not set a minimum amount to open a CEA.
Only cash deposits are possible, up to a total of 100,000 dinars per year.
Eligible persons (employees, professionals, pensioners) can open a CEA every year and benefit from the tax advantage during the year of deposit.
Your CEA can be funded in one or more installments. With each payment you will receive a Certificate of Deposit which will allow you to benefit from the tax advantage. However, the 5-year lock-in requirement applies separately to each payment.
Yes, while keeping your rights, of course (the date of the 1st payment and the tax history are kept after the transfer)
Only resident individuals (domiciled for tax purposes in Tunisia) are concerned.
No, the management of a CEA is governed by a specific legal and fiscal text. Indeed, the CEA is fed by deposits which will be used to acquire shares of companies listed on the stock exchange for at least 80% and the remainder in BTAs, or to acquire shares or units of mutual funds which respect these same rules.
You will be required to pay the full amount of tax due and late penalties. However, in the event of withdrawal after the expiration of the third year following the year of deposit or withdrawal due to unforeseeable events (illness, accident with bodily injury, work stoppage, death of the account holder…), late penalties are not due.
You have the choice between two management methods: either you manage it yourself (free management) or you entrust the management to one of our portfolio managers (management under mandate).
Capital gains are tax-exempt if the sale of the share is made after the end of the year following the year of acquisition. Otherwise, they are subject to income tax at the rate of 10%, after deduction of capital losses recorded during the same year and after an allowance of 10,000 dinars of the remainder.
Dividends are subject to tax at the rate of 10%, after an allowance of 10,000 dinars.
Yes, as income from movable capital, the interests of BTA are subject to taxation which takes the form of a 20% withholding tax. However, they are deductible from the income tax base up to an annual limit of 5,000 dinars.
CEA Securities account
Eligibility Natural person domiciled in Tunisia Natural person or legal entity
Payment ceiling 100 000 dinars / year No ceiling
Availability of funds Funds always available, but the blocking of invested funds for at least 5 years is mandatory to benefit from the tax advantage Funds available at any time
Possibility to transfer Possibility to transfer one’s CEA to another establishment. Possibility of transferring your securities account to another institution. Impossible to transfer securities from a securities account to a CEA.
Eligible securities – 80% d’actions cotées en bourse au moins et le reliquat dans des BTA Ou – titres d’OPCVM (SICAV ou FCP) respectant ces mêmes règles d’affectation Tous les titres sont accessibles (Actions, obligations, BTA, SICAV, FCP…)
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