Code Général des Impôts - art. 6 (I-A-10°) : exonération des plus-values sur valeurs mobilières cotées réalisées par des sociétés non résidentes

Foreign corporates pay no Moroccan capital-gains tax on listed shares - the market's strongest tax argument.

The single most attractive line in Moroccan equity taxation for institutions: NON-RESIDENT COMPANIES are permanently exempt from corporate tax on capital gains realised on the disposal of securities LISTED on the Casablanca Stock Exchange - with one exclusion: shares of real-estate-predominant companies (sociétés à prépondérance immobilière, art. 61-II). A foreign fund structured as a company therefore exits Moroccan listed equity with zero Moroccan capital-gains tax, subject to substance and beneficial-ownership scrutiny.