Code Général des Impôts - art. 66 et 73-II : profits de cession de valeurs mobilières (personnes physiques)

For INDIVIDUALS (including non-resident individuals, subject to treaty relief): 15% on net gains from listed shares and equity-dominant UCITS; 20% on unlisted shares, bonds and other debt securities/UCITS. Full exemption where total annual disposals do not exceed MAD 30,000. Losses offset gains of the same nature and carry forward 4 years. Where securities are held with a licensed intermediary (bank / société de bourse), the intermediary operates the withholding; otherwise the taxpayer files within 30 days of the month of disposal (5% surcharge + 0.5%/month interest for late filing). Most Moroccan tax treaties allocate the taxing right on securities gains to the state of residence - check the applicable treaty first.