In brief: The sale of securities (shares, bonds, UCITS units) generates a profit subject to IR in Morocco. The rate varies according to the nature of the security: 15% for listed shares and equity UCITS, 20% for unlisted shares, bonds and other UCITS (Art. 73-II of the Tax Code). Sales whose annual total does not exceed MAD 30,000 are exempt. For securities registered in an account with a financial intermediary, the tax is withheld at source by the intermediary; for other securities, the tax is paid within 30 days of each sale and an annual return is filed before 1 April of the following year (2026 Finance Law).
Definition of capital gains on securities (Art. 66 of the Tax Code)
Article 66 of the General Tax Code defines capital gains on securities as the net gains realised on the disposal, for valuable consideration, of securities and other equity or debt instruments. The following are concerned:
- Shares and partnership interests in listed or unlisted companies
- Bonds and other debt instruments
- UCITS units (undertakings for collective investment in transferable securities)
- REIT units (real estate investment trusts — OPCI)
- Subscription and allocation rights
- Equity securities of any kind issued by legal entities under public or private law
These profits fall under the category of income and capital gains from movable capital, distinct from investment income which concerns recurring flows (dividends, interest).
Triggering event: the date of sale (Art. 67)
The triggering event for taxation is the date of the actual sale of the security. Article 67 of the Tax Code specifies that this date corresponds to the day of the transfer of ownership, namely:
- For listed securities: the date of execution of the stock exchange order
- For unlisted securities: the date of the transfer deed (or agreement)
- For UCITS units: the redemption date
It is essential to correctly identify this date: for securities not registered in an account with a financial intermediary, it starts the 30-day deadline for paying the tax (Art. 173-I); for securities registered in an account, it determines the month for which the intermediary applies the withholding tax.
Calculation of the net capital gain
The taxable net profit is determined according to the following formula:
Net profit = Sale price − (Acquisition price + Acquisition and disposal costs)
Sale price
The sale price corresponds to the amount actually received by the seller, net of brokerage fees and commissions paid to intermediaries.
Acquisition price
The acquisition price is the price actually paid when purchasing the security, plus acquisition costs (commissions, transfer duties where applicable). For securities acquired by inheritance, the price used is the market value of the securities on the date of death, as recorded in the inventory or declared by the heir. For securities received by exempt gift (Art. 68-I), the price used is the price of the last transfer for consideration, or the market value at the last transfer by inheritance if it is later (Art. 70).
Where securities of the same kind acquired at different prices are sold, the acquisition price to be used is the weighted average cost of those securities (Art. 70).
Deductible costs
The following costs are deductible from the gross profit:
- Brokerage fees and commissions paid on disposal
- Brokerage fees and commissions paid on acquisition
- Custody fees (in certain cases)
In the case of a capital loss, it may be offset against gains of the same nature realised during the same year. Any excess capital loss may be carried forward over the following 4 years.
Tax rates (Art. 73-II of the Tax Code)
The IR rate applicable to capital gains varies according to the nature of the security sold:
| Nature of the security | IR rate | Tax Code reference |
|---|---|---|
| Shares listed on the Stock Exchange | 15% | Art. 73-II-C-1°-a |
| Unlisted shares | 20% | Art. 73-II-F-2° |
| Bonds and debt instruments | 20% | Art. 73-II-F-2° |
| Equity UCITS (≥ 60% shares) | 15% | Art. 73-II-C-1° |
| Other UCITS (diversified, bond) | 20% | Art. 73-II-F-2° |
| Unlisted REITs | 20% | Art. 73-II-F-10° |
| Foreign-source movable capital — income | 15% | Art. 73-II-C-2° |
| Foreign-source movable capital — gains | 20% | Art. 73-II-F-5° |
The reduced rate of 15% mainly benefits listed shares and equity-dominant UCITS, as an incentive for stock market investment. Unlisted securities and bond instruments are subject to the 20% rate. On the issuer’s side, the stock-market listing itself entitles the company to a 25% or 50% corporate tax reduction for three fiscal years.
Exemptions (Art. 68 of the Tax Code)
Annual sales threshold
Capital gains on securities are exempt from IR when the total amount of sales during a calendar year does not exceed MAD 30,000. This threshold is assessed on all sales combined, across all categories of securities.
Note: if the threshold is exceeded, the entirety of the gains is taxable (not just the fraction exceeding MAD 30,000).
Savings plans (PEA and PEE)
Gains realised within a Share Savings Plan (PEA) are exempt subject to conditions:
- Minimum holding period of the plan: 5 years
- Compliance with the contribution ceiling
- No withdrawal before the end of the minimum period
Similarly, capital gains realised within a Company Savings Plan (PEE) benefit from an exemption subject to lock-up conditions.
Other cases of exemption
- Gifts of securities between ascendants and descendants, between spouses, between brothers and sisters, and between the person providing kafala and the child in their care (Art. 68-I); a sale for consideration between the same persons remains taxable
- Contribution of all the equity securities held to a resident holding company subject to IS: the contribution gain is not taxed immediately if the securities are valued by a contribution auditor and the contributor undertakes to pay IR on the sale, redemption, repayment or cancellation of the securities received; a return must be filed within 60 days of the contribution deed (Art. 161 ter-III). The case of split-ownership shares (usufruct, bare ownership) contributed to a family holding is covered in family holding and split ownership of shares
Filing obligations (Art. 84 of the Tax Code)
A taxpayer realising a capital gain on securities must:
- Securities not registered in an account with a financial intermediary (SARL shares, unlisted shares held in pure registered form): spontaneously pay the tax due on each sale within 30 days of the date of sale (Art. 173-I), then file the annual return summarising all sales before 1 April of the following year, with supporting documents of acquisition and sale (Art. 84-I)
- Securities registered in an account with an authorised financial intermediary (including listed shares): the intermediary must apply the withholding tax and remit it in the month following the sale (Art. 174-II-B)
- A seller who has borne this withholding may file, before 1 April of the following year, a return serving as a request for adjustment and refund, in particular to benefit from the MAD 30,000 threshold (Art. 84-II)
Penalties for late payment or filing: late payment of the tax results in a 10% penalty (reduced to 5% if the delay does not exceed 30 days) and a 5% surcharge for the first month, then 0.50% per additional month or part of a month (Art. 208); late filing of the annual return is subject to a surcharge of 5%, 15% or 20% depending on the delay (Art. 184).
Worked example: sale of listed shares
Mr Karim acquired 500 shares of company ABC listed on the Casablanca Stock Exchange in March 2024 at a unit price of MAD 120. He sells them in February 2026 at a unit price of MAD 165.
Profit calculation
| Item | Amount (MAD) |
|---|---|
| Sale price (500 x 165) | 82,500 |
| (−) Disposal commissions (0.35%) | −288.75 |
| Net sale price | 82,211.25 |
| Acquisition price (500 x 120) | 60,000 |
| (+) Acquisition commissions (0.35%) | 210.00 |
| Acquisition price plus costs | 60,210.00 |
| Net taxable profit | 22,001.25 |
Tax due
Mr Karim’s total sales exceed MAD 30,000 (sale price = MAD 82,500), so the exemption does not apply.
IR = 22,001.25 x 15% = MAD 3,300.19
As the shares are listed and registered in an account with a brokerage firm, the financial intermediary withholds the MAD 3,300.19 from the sale proceeds and remits it to the Treasury in the month following the sale (Art. 174-II-B). Mr Karim has no return to file; he may, however, file an adjustment return before 1 April 2027 if he has borne excess withholding or has unused capital losses (Art. 84-II).
Frequently asked questions (FAQ)
How do I declare a capital gain on securities?
For securities not registered in an account with a financial intermediary, the tax due on each sale is paid within 30 days of the date of sale, and an annual return summarising all sales (sale price, acquisition price, costs, net profit) is filed before 1 April of the following year (Art. 84-I and 173-I). If your securities are registered in an account with an authorised financial intermediary, the intermediary must apply the withholding tax (Art. 174-II-B).
What happens in the case of a capital loss?
Capital losses on the sale of securities are deductible from gains of the same nature realised during the same year. If the losses exceed the gains, the surplus is carried forward over the following 4 years. No refund is possible: the loss constitutes solely an offset credit.
Does the MAD 30,000 threshold apply per transaction or per year?
The exemption threshold of MAD 30,000 is assessed on the total amount of sales made during the calendar year, not per individual transaction. It refers to the gross sale price (before deducting costs), across all categories of securities combined. If this total amount exceeds MAD 30,000, all gains are taxable.
Are capital gains on a securities account held abroad taxable?
Yes. Moroccan tax residents are taxable on their worldwide income and gains (Art. 23-I-1°), including gains on the sale of securities held abroad. The final rate is 20% for gains (Art. 73-II-F-5°) and 15% for income (Art. 73-II-C-2°). In the absence of withholding by a financial intermediary or bank in Morocco (Art. 174-II-C), the taxpayer files, since the 2026 Finance Law, the annual return under Article 84 bis before 1 April of the following year and pays the tax at the same time. Tax paid abroad is creditable only if the treaty grants a taxing right to the source State (Art. 77); under the treaty with France, for example, these gains are taxable exclusively in Morocco for a Moroccan resident (NC 737).
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