Investment fund withholding tax in Turkey, 2026

Rates by purchase date

Shares in the same fund bought on different days can be taxed at different rates. For this table the funds fall into two groups. The first holds debt instrument, money market, precious metals and participation funds and every fund not named in either list (funds of funds, index funds and the like). The second holds variable, mixed, eurobond, foreign debt instrument, foreign and hedge funds and funds with "döviz" (foreign currency) in their title; the cuts of 2020 to 2025 did not apply to them.

Basis: BKK 2006/10731 (Official Gazette 23 July 2006). The cut that began with Presidential Decision 3321 on 23 December 2020 was extended up to Decision 8002 (28 December 2023); 7.5% came with Decisions 8434 (1 May 2024) and 8775 (1 August 2024). Decision 9075 (1 November 2024) did not extend the cut for funds, and the general rate returned. Decision 9487 (1 February 2025) put both groups at 15%, and Decision 10041 (9 July 2025, no. 32951) raised the rate to 17.5%. The table matches the one in GİB's guide to provisional article 67 (Yayın 598, February 2026).

Decision 11734 (Official Gazette 5 September 2026) brought a 10% rate on money market funds for companies only; for individuals nothing changed.

Special rules

For some funds the rate follows the fund's type, or how long the share was held:

An equity-intensive fund keeps at least 80% of its portfolio in shares traded on Borsa İstanbul at all times (SPK Communiqué III-52.1, art. 6/2). Its rate is 0% (BKK 2012/3141, Official Gazette 18 May 2012).

In an equity-intensive hedge fund not traded on TEFAS, shares bought on or after 27 March 2026 are withheld at 17.5% (Presidential Decision 11107, Official Gazette 27 March 2026, no. 33206). Shares bought earlier stay at 0%.

A share in a fund that is always at least 51% in BIST shares, held for more than a year, is outside withholding (GVK provisional article 67/1). Exactly one year is not enough; the year runs from the purchase. Funds not traded on TEFAS and sold only to qualified investors are outside this exemption for sales from 19 December 2025 (Law 7566, Official Gazette 19 December 2025).

A share in a real estate investment fund (GYF) or a venture capital investment fund (GSYF) held for more than two years is withheld at 0% (Presidential Decision 4454, Official Gazette 4 September 2021). Held two years or less, it pays the first group's rate. Since 1 February 2025 Decision 9487 says so in words; for earlier purchases this is our reading.

For an exchange-traded fund that is not equity-intensive, a 10% rate appears only in one broker's tax guide. We found no rate of its own for exchange-traded funds in the decisions, GİB's guide or the law, so this rate is unverified. Read by the texts alone, an exchange-traded fund is an investment fund (GVK provisional article 67/8) and pays the first group's rate: 17.5% on a share bought on or after 9 July 2025. Bankacı calculates on this reading and shows the 10% beside it.

Shares bought before 1 January 2006 are outside provisional article 67 (67/10); the rules of that time apply.

The base, and first in, first out

The base is the sale proceeds less the purchase cost. Commission and BSMV on the purchase are added to the cost; on the sale they come off the proceeds (GİB Yayın 598).

Shares are matched first in, first out. A sale is cut into one slice for each purchase lot it reaches, because each slice's rate follows its own purchase day.

Withholding is worked out per sale. Nothing is withheld on a slice sold at a loss, and its loss comes off the sale's slices at a gain: the slices of each rate are added up, a losing rate's total comes off a gaining rate's, and what is left is taxed at its own rate (GVGT 258). If the sale as a whole is at a loss, nothing is withheld. Setting a loss against gains on other sales is the intermediary's, within the year: equity-intensive funds sit with shares in group II, other funds in group IV. A loss does not carry into the next year.

Example: two purchases, one sale

Say 10,000 shares of a money market fund are bought on 20 January 2025 at 1.000000 TL, and 10,000 more on 15 August 2025 at 1.250000 TL. On 1 October 2026, 15,000 shares are sold at 1.800000 TL. The prices were chosen for the example; there is no commission.

The first slice cost 10,000.00 TL and sold for 18,000.00 TL; the second cost 6,250.00 TL and sold for 9,000.00 TL. The first purchase falls between 1 November 2024 and 31 January 2025, so it pays 10% (Decision 9075); the second is after 9 July 2025, so 17.5% (Decision 10041). The 5,000 shares still held are from the 15 August 2025 purchase.

You can run this with your own figures in the Bankacı app and the member portal.

Eurobond, Treasury bill and fund calculation →Download the app ↗Member portal ↗

Sources

• GİB, GVK Geçici 67. Madde Rehberi (Yayın 598), section 20, February 2026: PDF
• Income Tax Law no. 193, provisional article 67, read on 10 October 2026: mevzuat.gov.tr
• Presidential Decision 10041, Official Gazette no. 32951, 9 July 2025: Official Gazette
• Presidential Decision 11107, Official Gazette no. 33206, 27 March 2026: Official Gazette
• Presidential Decision 11734, Official Gazette no. 33361, 5 September 2026: Official Gazette
• Presidential Decision 9487, Official Gazette no. 32800, 1 February 2025
• Presidential Decision 9075, Official Gazette no. 32709, 1 November 2024
• Presidential Decisions 8434 and 8775, Official Gazette nos. 32533 and 32619, 1 May 2024 and 1 August 2024
• Presidential Decisions 3321 and 8002, Official Gazette nos. 31343 and 32413, 23 December 2020 and 28 December 2023
• Presidential Decision 4454, Official Gazette no. 31588, 4 September 2021
• BKK 2012/3141, Official Gazette no. 28296, 18 May 2012
• BKK 2006/10731, Official Gazette no. 26237, 23 July 2006
• Law 7566, Official Gazette no. 33112, 19 December 2025
• SPK Communiqué III-52.1, art. 6/2 (definition of an equity-intensive fund), text in force

This page is general information, not tax advice, investment advice or an offer. Check your fund's type and rate on your broker's contract note too.