Morocco Savings Tax Guide 2026: Rates, Exemptions and Calculation
Understanding tax on savings is essential for comparing products on a level playing field. In Morocco, the Finance Act 2026 maintains the liberatory withholding tax system: tax is deducted at source by your bank or asset manager, and you have nothing to declare separately. This guide summarises the applicable rates for each savings product and the exemptions you may be entitled to.
The three categories of taxable savings income
1. Interest income — 20% withholding
Applies to fixed-rate products where income takes the form of contractual interest:
- Term deposit (DAT) — 20% withheld by the bank at maturity.
- Housing savings plan (PEL) — same treatment, exempt after 3 years.
- Treasury bills — 20% on coupons and interest.
- Bond and money market funds — 20% on distributed income.
2. Dividends — 15% withholding
Applies to periodic income from equities or equity-exposed funds:
- Casablanca Stock Exchange shares — 15% on dividends distributed by listed companies.
- Equity mutual funds — 15% on the dividend component of total return.
- PEA — 15% before 5 years, fully exempt after 5 years.
- PEE — 20% on income, fully exempt after 5 years.
3. Capital gains — 15% to 20% depending on product
- BVC shares — 15% on disposal gains.
- Equity mutual funds — 20% on capital gains.
- Bond mutual funds — 20% on capital gains.
Tax exemptions to know
| Product | Exemption | Condition |
|---|---|---|
| PEA | Full (dividends + capital gains) | After 5 years of holding |
| PEL | Full (interest) | After 3 years of holding |
| PEE | Full (income + capital gains) | After 5 years of holding |
The blended effective rate: why it differs from the nominal rate
For products generating both dividends and capital gains (equity funds, BVC shares), the true effective rate is a weighted average of both components. An equity fund where 30% of return comes from dividends (taxed at 15%) and 70% from capital gains (taxed at 20%) has a blended effective rate of approximately 18.5% — not 20%.
The Moustakbal Mali simulator pre-calculates this rate for each product and lets you override it if your personal tax situation differs.
Worked example: MAD 100,000 in a term deposit for 2 years
- Initial capital: MAD 100,000
- Negotiated gross rate: 3% per year
- Gross interest over 2 years: MAD 6,000
- Withholding tax (20%): − MAD 1,200
- Net interest received: MAD 4,800
- Net final capital: MAD 104,800
Run this simulation with your own figures →
Frequently asked questions
What is the withholding tax rate on term deposit interest in Morocco?
20% liberatory withholding tax deducted directly by the bank (General Tax Code, art. 73 — Finance Act 2026). You receive 80% of gross interest with nothing to declare separately.
After how many years is the Moroccan PEA tax-exempt?
After 5 years of holding. Before that, normal rates apply (15% dividends, 15% capital gains).
How do I calculate the after-tax return?
After-tax return = gross return × (1 − effective rate). DAT at 3% gross: 3% × 0.80 = 2.4% net. Equity fund at 7% gross with 18.5% blended rate: 7% × 0.815 = 5.7% net.
Sources: Bank Al-Maghrib · Moroccan General Tax Code (Finance Act 2026) · All guides · Back to simulator