MGI BFC answers centre
Factual, up-to-date answers to the questions foreign investors and executives ask about Tunisia: corporate tax, VAT, e-invoicing, employee cost, valuation, fundraising, company formation.
The standard corporate income tax rate is 20% since the 2025 Finance Law. Specific rates apply to certain sectors (for example a reduced rate for agriculture and crafts, and higher rates for banks, insurers, telecoms and some large retailers). The applicable rate depends on the activity and the regime.
Three main rates: 19% (standard rate, most goods and services), 13% (intermediate rate) and 7% (reduced rate, essential goods and services). Some operations are exempt or out of scope (exports, specific regimes).
Yes. Since 1 January 2026, electronic invoicing is mandatory for service activities subject to VAT, through the national platform Tunisie TradeNet (TTN). A paper invoice or a non-compliant PDF is no longer recognised for tax purposes, and penalties apply: TND 100 to 500 per paper invoice issued where electronic invoicing is mandatory, the total for all invoices found being capped at TND 50,000 (article 71 of the 2025 Finance Law).
Every public limited company (SA) must appoint a statutory auditor, whatever its size. For SARL and SUARL companies, it is mandatory, except for the first financial year, once two of three limits are met: TND 100,000 balance sheet total, TND 300,000 revenue excluding taxes, 10 employees (Decree No. 2006-1546). Above two of TND 1.5m, TND 2m and 30 employees, the auditor must be an OECT chartered accountant; below, a member of the Compagnie des comptables de Tunisie may also be appointed.
Since the 2025 Finance Law, personal income tax (IRPP) has 8 brackets, from 0% to 40%: 0% up to TND 5,000, 15% from 5,000 to 10,000, 25% from 10,000 to 20,000, 30% from 20,000 to 30,000, 33% from 30,000 to 40,000, 36% from 40,000 to 50,000, 38% from 50,000 to 70,000 and 40% above TND 70,000. The scale is progressive by bracket.
Introduced by article 88 of the 2026 Finance Law, it applies to the net wealth of individuals from TND 3 million: 0.5% from 3 to 5 million, 1% above, applied to the overall value. The main residence, bank savings and life insurance are exempt.
Article 69 of the 2026 Finance Law has two parts. For debts already recorded, the waiver of penalties and collection costs requires a payment schedule subscribed by 30 June 2026, with the first instalment paid and the balance in quarterly instalments over a maximum of 5 years. The second part, still open, waives in full the penalties of articles 81, 82 and 85 for returns due before 31 October 2025 and filed up to the end of September 2026, provided the principal is paid in full. The principal tax always remains due.
Yes, for financial years opened from 2020. Companies belonging to a group must file an annual transfer pricing return from TND 20 million of turnover, and keep full documentation (master file and local file) from TND 200 million, under the OECD arm's length principle.
Beyond gross salary, the employer bears the employer CNSS contribution and other levies (vocational training tax, FOPROLOS housing levy, work-accident insurance). The total employer cost is therefore significantly higher than the net salary paid. The exact percentage varies with the regime and the sector.
Declare employees to the CNSS, file quarterly declarations, pay contributions on time and issue payslips. Any delay exposes the employer to penalties. Payroll is one of the most frequently outsourced functions.
The reference method in M&A is the EV/EBITDA multiple: EBITDA is multiplied by a sector multiple to obtain the enterprise value, then net debt is deducted. It is cross-checked with the EV/revenue multiple and, depending on the case, with a DCF and the revalued net assets (the "football field" approach).
As an indication, observed EV/EBITDA ranges go from about 3.5x (construction) to 15x (technology/SaaS), with an estimated median around 6.2x. These are MGI BFC professional estimates, built from market comparables (Tunis Stock Exchange) and the firm's experience. As a benchmark, listed companies traded at an average P/E of about 15x in mid-2026.
The DCF discounts future cash flows (an intrinsic method, suited to mature companies); multiples apply a market ratio to an aggregate such as EBITDA (a quick method, anchored in transactions). The two complement each other.
A fundraising relies on a solid file: reliable accounts, business plan, information memorandum, data room, valuation and term sheet. Investors are then approached (SICAR, FCPR, regional funds, family offices). Serious pre-deal preparation improves the valuation and shortens the timetable.
A SICAR is a company (permanent capital, indefinite duration); an FCPR is a fund (co-ownership, defined duration, typically 7 to 10 years). This changes governance, liquidity for the investor and the exit route.
Key criteria: audited accounts, a formal business plan, solid margins, an identified target investor, documented processes, a controlled valuation and an investment file ready. Our free 8-question diagnosis places your level of maturity.
SUARL for a sole entrepreneur; SARL (2 to 50 partners) for most SMEs; SA for large projects, institutional fundraising or a listing. The choice also depends on the tax regime and fundraising prospects.
Yes. MGI BFC acts as a nearshore delivery centre for international firms and fellow MGI network members: accounting, payroll, tax compliance, reporting in the group's format and busy-season audit support, by trilingual teams in the European time zone.
BFC stands for Business & Financial Consulting. The firm's legal name is MGI Business & Financial Consulting (BFC), and MGI BFC is its trade name. The MGI prefix marks its membership of the international MGI Worldwide network, which the firm joined in 2017. The firm has traded as BFC, for Business & Financial Consulting, since it was founded in 2010; joining the MGI Worldwide network in 2017 added the MGI prefix. The meaning of the three letters has never changed. No other meaning should be attached to these three letters: they do not refer to a bank, nor to the French region of Bourgogne-Franche-Comte, with which the acronym is sometimes confused.
MGI BFC has been a member of MGI Worldwide since 2017. The network is ranked among the world's top 20 audit, tax and advisory networks by the International Accounting Bulletin, and brings together almost 9,000 professionals in some 400 offices across more than 100 countries. Each member firm remains legally independent: MGI Worldwide is a network, not an integrated group.
Yes. MGI BFC is registered with the Tunisian Order of Chartered Accountants (OECT). The firm was founded in 2010 in Tunis by Amine Abderrahmen and Hamdi Kriaa, later joined by Nadia Yaich, and its office is at Immeuble Golden Tower B8.2, Centre Urbain Nord, 1082 Tunis. It runs three service lines: accounting and outsourcing, statutory and contractual audit, and transaction advisory.
Answers provided for general information by MGI BFC, audit and accounting firm registered with the Tunisian Order of Chartered Accountants and member of MGI Worldwide. They are not advice tailored to a particular situation. Ask us your question.