Exchange

Tunisian Stock Exchange (BVMT)

Corporate Governance Code

Commercial Companies' code

Current number of listed companies

81

Regulatory body or bodies

Tunisian Stock Exchange (BVMT)

Council of Financial Markets (CMF)

Principle legislation

Law n°94-117 dated 14/11/1994 reorganising the Financial Market General Rule of the Stock Exchange

Public offers / disclosure regulations

Rule of the Council of Financial Markets related to Public Offers

Takeover / merger regulations

Commercial companies code

Law n°94-117 dated 14/11/1994 reorganising the Financial Market

Law n°2015-36 dated 15/09/2015 related to reorganisation of competition and prices

Corruption Perception Index rank worldwide for 2017

74

Corruption Perception Index score for 2017

42

Signatories to United Nations Convention Against Corruption (UNAC)?

Yes

(UNAC) Ratified?

Yes

Signatories to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions?

No 

Arbitration

Code of Arbitration

Enforcement of arbitral awards

Arbitral awards issued in international arbitration are enforceable according to provisions of Title 8 of the Tunisian Code of Arbitration 

Enforcement of foreign judgments

Foreign judgments can be enforced in Tunisia through exequatur procedure according to provisions of Title 3 of the Tunisian Code of International Private Law.

Structure of the court system

The Tunisian court system includes:

• an administrative order (represented by the Administrative Tribunal)
• a judicial order consisting in a double degree of jurisdiction (lower courts or 1^st instance courts according to the amount of the claim and appeal courts) and a Cassation Court.

Foreign investments

Law n°71-2016 dated 30/09/2016 (“Law of Investment”)

Foreign investment incentives

Governmental Decree n°2017-389 dated 09/03/2017 related to financial incentives in favour of investments made under the Law of Investment

Corporation tax

Different corporate tax regime: 10% or 20% or 25% or 35%

Double taxation avoidance agreements

Yes

Exchange control

Law n°76-18 dated 21/01/1976

Decree n°77-608 dated 27/07/1977

Regulations issued by the Central Bank of Tunisia (CBT) 

Dividends

Withholding tax of 10%, excepted for dividends distributed by wholly exporting companies.

Personal income tax

Yes

Real property tax

Yes 

Stamp duty

Yes

Value added tax

7% or 13% or 19%