Taxes change every year with the Finance Act. This article gives the main principles; always check current rates and caps in the General Tax Code, with the tax administration or your bank.
Two kinds of taxable income
- Dividends: the share of profits paid out by the company.
- Capital gains: the difference between your selling price and your buying price.
Tax on dividends
Dividends paid by Moroccan companies to resident individuals have a withholding tax taken by the paying bank. It is final: nothing more to declare. The 2023 Finance Act lowered this rate step by step: 11.25% in 2026, then 10% from 2027. For non-residents, a tax treaty may reduce the rate.
Tax on capital gains
Net gains from selling shares listed in Casablanca are taxed as income from securities. For listed shares, the reference rate is 15%. The tax is usually calculated and withheld by your broker or bank when you sell. Under the General Tax Code, sales totalling no more than 30,000 dirhams in a year are exempt. Losses can, under conditions, be offset against gains of the same type in the same year, or carried forward.
The Share Savings Plan (PEA)
Morocco has a Share Savings Plan (PEA) to encourage long-term investing. Opened with a bank or broker, it lets you invest in shares listed in Casablanca and in equity funds, up to a deposit cap set by law. Its main advantage: income and gains are tax-free if you keep the plan at least five years. If you withdraw earlier, normal taxes apply.
Summary
| Income | Rule (resident individual) | How it is collected |
|---|---|---|
| Dividends | Withholding tax: 11.25% in 2026, 10% from 2027 | Automatically by the paying bank |
| Gains on listed shares | 15% on the net gain | Usually withheld by the broker |
| Income and gains in a PEA | Tax-free after 5 years | None if conditions are met |
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
