COST OF A STOCK DEAL Any transaction on the stock market is done through a brokerage firms. Every stock transaction is subject to several well as remuneration for the services of the Casablanca Stock Exchange, and the brokerage firms through either :   Commissions Casablanca Stock Exchange, 0.1% of the amount of trading in shares and 50dhs per transaction on the bonds;   Brokerage Commissions, received by the brokerage firms whose rate is 0.6% more than the amount of the transaction on shares and 0.3% of the transaction amount on the bonds;   Commissions paid when the account is held by a custodian bank : Committees collection of orders, 0.1% and settlement, delivery of securities, 0.2% Finally, the total amount of fees is itself subject to VAT in the amount of 10% TAXATION APPLICABLE TO SECURITIES

Categories of people liable to taxation Details Rate   Taxation of capital gains on the disposal of transferable securities (TPCVM) Resident or non-resident persons Donation between parents and children, spouses, and siblings 0%     The proceeds or a proportion of the proceeds from the disposal of transferable securities and other equity and debt securities for an amount not exceeding the threshold of MAD 30,000 during a calendar year 0%     The proceeds from the disposal of shares and other equity securities as well as shares or units in UCITS leaving a balance of 60% of the total shares and other equity securities 10%     The net proceeds from the disposal of bonds and other debt securities as well as shares or units in UCITS leaving a balance of at least 90% of the total bonds and other debt securities 20%       15% Taxation of income from shares, share capital and similar income Resident persons Dividends received 10%   Resident or non-resident persons Interest income from debt securities 10%  Taxation of income from fixed-income investments Resident persons not disclosing their identity Interest income from debt securities   20%   Resident persons not disclosing their identity except those persons subject to income tax who have opted for the actual net income or simplified net income regimes Interest income from debt securities 30%