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 500 per non-compliant invoice, capped at TND 50,000 per audit).
Every public limited company (SA) must appoint a statutory auditor, whatever its size. For SARL and SUARL companies, it is mandatory above certain regulatory thresholds (balance sheet total, turnover, headcount). Below them, it is optional but often recommended by financial partners.
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 allows the waiver of late-payment and audit penalties and collection costs, provided a payment schedule is subscribed before 30 June 2026 (first instalment paid, then quarterly balance over a maximum of 5 years). The principal tax 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.
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.