Security and commodity contracts brokerage

Excluded · 9% taxable

Forensic Analysis

DZ requiredSubstance: HIGHAI-derived

ISIC 6612 pertains to regulated financial intermediation. Under Ministerial Decision No. 229, 'Banking, insurance, and finance and leasing activities' subject to regulatory oversight are explicitly listed as Excluded Activities. Brokerage of securities and commodities is a core regulated financial service, meaning income derived from this activity is subject to the 9% Corporate Tax rate regardless of the entity's Free Zone status, unless it falls under the de minimis threshold.

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Legal Reference

Ministerial Decision No. 229 of 2023, Article 3, Clause 1(a)

Audit Red Flag

Re-characterizing brokerage commission fees as 'Investment Management Services' or 'Consultancy' to bypass the Excluded Activity classification under Article 3.

11 licensable activities under this classification

Bank BrokersExternal approval required

Brokerage in Commodities Listed in Local MarketsExternal approval required

Brokerage in Local SecuritiesExternal approval required

Brokerage in Securities Listed in Foreign MarketsExternal approval required

Central Clearing Services for SecuritiesExternal approval required

Clearing services for commodities contractsExternal approval required

General Clearing for SecuritiesExternal approval required

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