The 2026 Finance Law accelerates the payment of income tax on gains from securities where those securities are not held in an account with an authorised financial intermediary. The corresponding tax must now be paid within thirty days of each disposal, instead of a single payment before 1 April of the following year.
Transactions concerned
The new timetable applies in particular to disposals of unlisted securities, or securities held outside an account managed by an intermediary responsible for operating the withholding. Securities registered with an authorised intermediary, notably listed shares, remain subject to the withholding tax operated by that intermediary.
Payment as transactions occur does not remove the annual return. The taxpayer must still file, before 1 April of the following year, a summary allowing the annual net gain to be determined after offsetting gains and losses under the applicable rules.
Refunds available
Payments made after each transaction may exceed the tax ultimately due on the annual net gain. The law then provides for a refund of the overpayment. To secure that calculation, it is essential to keep the sale agreements, evidence of the acquisition price, allowable costs and proof of the payments already made.
This reform mainly changes cash management and the documentary timetable. A disposal can no longer be dealt with only when the annual return is being prepared.
Sources
- Directorate General of Taxes — Circular note no. 737 on the tax measures of Finance Law no. 50-25 for the 2026 budget year, 2026-03-09.
- Directorate General of Taxes — Circular note no. 737 — full text (74 pages), 2026-02-27.
- Le Desk — 2026 Finance Law: all the tax measures explained by the DGI, 2026-02-27.
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This publication is provided for information purposes only and does not constitute personalised tax or legal advice.