Türkiye changed withholding rates under provisional Article 67 on 5 September 2026. Presidential Decision No. 11734 sets a 10% rate for specified corporate taxpayers' gains from money-market fund participation units and free-fund units whose legal title includes the words ‘money market’. A separate clause sets 10% for taxpayers outside that group on gains outside sub-item (1). International investors must therefore match both their tax status and instrument to the legal sub-item rather than applying one headline rate to every fund.
Which taxpayers are in scope
The decision addresses capital companies within Article 2(1) of the Corporate Tax Law and other taxpayers that the Ministry of Treasury and Finance treats as comparable to investment funds and companies when their activity consists exclusively of earning income and gains from capital-market instruments. A company should not infer coverage from its brand, shareholder nationality or bank account alone; its Turkish tax classification is decisive.
The fund name matters
The 10% rate covers gains from participation units of money-market funds and from free funds whose title contains the Turkish expression for money market. It does not say that every free fund, equity fund, bond fund or bank deposit moves to 10%. Before trading, obtain the fund's legal name, code and current investor-information document from the intermediary.
Acquisition date creates a transition rule
For qualifying units acquired on or after 5 September 2026, the decision applies the 10% withholding rate to the gain. For units acquired before that date, only the part of the gain attributable to the period from 5 September until disposal is subject to 10%. The calculation should therefore preserve the acquisition record and the value used at the transition date.
Other covered corporate gains remain at 0% under this clause
The amended subclause keeps a 0% rate for the other gains of the specified corporate taxpayers that fall within it. That boundary is important: the decision is a targeted exception for the named fund units, not a blanket increase across a company's entire securities portfolio.
There is a separate 10% clause for other taxpayers
For taxpayers outside the specified corporate group, the decision sets 10% for gains outside sub-item (1) of the same provision. That sentence should not be read as saying every personal investment is taxed identically: the instrument, acquisition date and the sub-item governing the gain still have to be identified. The decision does not address residence permits, account-opening eligibility or home-country taxation, and it does not guarantee a fund's net return.
Checklist for an international company
Ask the intermediary to confirm the fund's full registered title and how withholding will appear on the statement. Give the Turkish accountant the purchase date, acquisition cost, 5 September transition value where relevant and disposal record. A foreign parent or shareholder should separately check treaty, controlled-foreign-company and home-country reporting consequences with advisers in both jurisdictions.
Turkey Compass fact check
Confirmed: Decision No. 11734 took effect on publication on 5 September 2026. It establishes 10% for the specified corporate taxpayers' gains from the named fund categories, with a split-period rule for earlier acquisitions, and separately sets 10% for other taxpayers' gains outside sub-item (1). Not stated: that every fund or every investor falls into the same legal sub-item. This is general editorial information; obtain case-specific Turkish tax advice before a transaction.