Madagascar capital gains tax calculator
Madagascar taxes a property sale at 5% of its price through the IPVI, whatever you paid for it. Since 1 January 2026 every gain on shares, funds and ETFs pays a final 20% IRCM, sale by sale. Crypto is not taxed.
Enter sales by hand or import your broker and exchange CSVs. The calculator matches multi-parcel sales under FIFO, applies each year’s charges to every sale on its own and shows the arithmetic behind the figure. Everything stays in your browser.
Rates current as of 2026-09-30, from the 2026 finance law and the Code des impôts published by the DGI.
Current rules
The rates behind the number
The charges on a sale by year
| Tax year | Property (IPVI) | Shares in Malagasy companies | Foreign shares, funds, ETFs | Crypto |
|---|---|---|---|---|
| 2021 | 5% of the price | 20% of the gain (IR) | Not taxed | Not taxed |
| 2022 | 5% of the price | 20% of the gain (IR) | Not taxed | Not taxed |
| 2023 | 5% of the price | 20% of the gain (IR) | Not taxed | Not taxed |
| 2024 | 5% of the price | 20% of the gain (IR) | Not taxed | Not taxed |
| 2025 | 5% of the price | 20% of the gain (IR) | Not taxed | Not taxed |
| 2026 | 5% of the price | 20% of the gain (IRCM) | 20% of the gain (IRCM) | Not taxed |
| 2027 | 5% of the price | 20% of the gain (IRCM) | 20% of the gain (IRCM) | Not taxed |
Rules
| Rule | Value |
|---|---|
| IPVI base | Sale price, never below the administrative value, less a cost fixed at 75% of it |
| IPVI rate | 20% of that deemed gain: 5% of the price, whatever you paid |
| Securities base | Sale price less the acquisition value, rounded down to the thousand ariary |
| Losses | Each sale stands alone: a loss offsets no other gain and does not carry forward |
| Holding period | None: the charges apply however long you held the asset |
| Registration duties | 5% of the price on a property deed, 0.5% on a share transfer |
| IPVI exemptions | Sales by the State or local authorities, and compensation on expropriation |
Questions
Madagascar capital gains questions
Is there capital gains tax in Madagascar?
There is no single capital gains tax, but three charges reach an individual's gains. Property pays the IPVI, 20% of a gain the Code fixes at 25% of the price, so 5% of the price. From 2026 every securities gain pays a final 20% IRCM; before 2026 only shares in companies whose value comes from Malagasy assets paid 20% IR on the gain. Crypto is not taxed.
How is the IPVI on a property sale worked out?
Take the sale price, or the administrative value when that is higher. The Code fixes your cost at 75% of that figure, so the taxable gain is 25% of it, and the IPVI is 20% of the gain. A sale for Ar 200,000,000 pays Ar 10,000,000, whether you bought for Ar 50,000,000 or Ar 250,000,000. It is paid with the registration duties when the deed is registered.
Do losses reduce the tax in Madagascar?
No. Each charge is settled sale by sale, so a loss on one sale reduces no other gain and does not carry to a later year. A property sold at a loss still pays the IPVI on its price.
Which gains are taxed in Madagascar?
Madagascar has no single capital gains tax. Real property pays the IPVI, and securities gains pay the IRCM at 20% from 1 January 2026, which the 2026 finance law substituted for the IR charge on share disposals.
What is the IPVI?
Real property: the IPVI taxes gains realised by individuals on the transfer for consideration of immovable property (CGI article 01.05.02). The taxable gain is the sale price, never below the administrative minimum value, less a cost price fixed at a flat 75% of that amount (article 01.05.04), taxed at 20% (article 01.05.07): 5% of the price, whatever the seller actually paid. The IPVI is final (représentatif et libératoire of the IR, article 01.05.01) and is paid with the registration duties when the deed is registered.
How are share and fund gains taxed?
Securities: article 01.04.02 6°, added by the 2026 finance law, brings plus-values de cession mobilières par des particuliers into the IRCM; article 01.04.04 sets the rate at 20%, rounds the base down to the thousand ariary and makes the IRCM final. The same law repeals the IR charge of articles 01.01.04 3° b, 01.01.05 IV and 01.01.14 IV. The charge reaches shares, fund units and ETFs wherever the issuer sits.
Is crypto taxed in Madagascar?
Crypto: no provision of the Code taxes an individual's gains on crypto-assets or personal movables. A private individual below the IR threshold of Ar 400,000,000 of turnover or income (article 01.01.02) is outside the IR.
Can a loss be carried forward?
Losses: each charge is liquidated sale by sale, the IPVI at the registration of the deed and the securities charge per transfer. No provision nets a loss on one disposal against a gain on another or carries a loss forward.
Which property sales are exempt?
Exemptions: disposals of property by the State or decentralised authorities and compensation on expropriation for public purposes are exempt from the IPVI (article 01.05.03). There is no main-home exemption and no holding-period relief.
What else is charged when you sell?
Also charged on a disposal, outside the gain: registration duty of 5% on the price of an immovable-property transfer (article 02.02.39) and 0.5% on a transfer of shares or company interests (article 02.02.43).