Bill to Regularize Foreign Exchange Infractions in Tunisia
A bill currently under study aims to regularize foreign exchange infractions in Tunisia. The text would offer resident individuals the opportunity to declare and regularize their assets held abroad, under certain conditions. Here's an overview of the main aspects of the project.
Objective of the Initiative
According to a document prepared by United Advisers, the primary objective of this initiative is to integrate assets held illegally abroad into the official circuit and encourage their repatriation, while guaranteeing tax and judicial exemptions to declarants who respect the conditions provided by the law.
Covered Infractions
The infractions concerned include:
- Non-declaration of assets or income abroad when declaration was mandatory
- Non-repatriation of income or products generated by these assets
- Holding of cash currencies not deposited with an approved intermediary
However, infractions related to criminal activities, particularly those targeted by the law of August 7, 2015, relating to the fight against terrorism and money laundering, are excluded from the scheme.
Regularization Procedure
Individuals wishing to regularize their situation will have a one-year deadline from the publication of the law. They will be required to:
- File a sworn declaration with an approved intermediary, specifying the nature, value, and country of the assets concerned
- Prove the legitimate origin of the funds
- Repatriate the assets or income in order to convert them into dinars on an account opened in Tunisia
Contribution Libératoire
The project establishes a contribution libératoire, allowing beneficiaries to benefit from an exemption from administrative, tax, and judicial sanctions related to foreign exchange infractions. The rate of this contribution would be:
- 15% of the value of real estate or financial investments transferred to Tunisia
- 7% of the value in dinars of repatriated and deposited currencies
- 4% for amounts directly converted into dinars
Payment can be made in two installments over a period of two years, and the corresponding amounts will be paid to the public treasury via approved intermediaries.
Benefits of Regularization
Individuals who have regularized their situation will be exempt from any administrative or judicial pursuit in matters of foreign exchange and taxation. They will also be able to open foreign currency or convertible dinar accounts without prior authorization from the Central Bank.
Use of Repatriated Funds
Repatriated or regularized funds can be used to make investments in Tunisia or to pay local and foreign expenses, except for feeding bank accounts located outside the national territory.
Oversight
The Financial Analysis Commission will be responsible for verifying the compliance of regularization operations with the legislation in force.
