Turkey Increases Withholding Tax Rate on Gains from Equity-Intensive Funds that are Not Traded on the Turkish Electronic Fund Trading Platform

Turkey's Revenue Administration has announced the publication of Presidential Decision No. 11107 in the Official Gazette on 27 March 2026, which increases the withholding tax rate on gains derived from participation shares in equity-intensive funds that are not traded on the Turkish Electronic Fund Trading Platform (TEFAS) from 0% to 17.5% with effect for gains derived from participation units acquired no or after 27 March 2026. The 0% withholding tax rate is maintained, however, on income f…