Turkey Increases Withholding Tax Rate on Money Market Funds to 10% for Corporate Investors

Turkey's Revenue Administration has announced the publication of Presidential Decision No. 11734 in the Official Gazette on 5 September 2026. The Decision increases the withholding tax rate from 0% to 10% on income (gains) earned from money market funds and hedge funds that include "money market" in their name. The increase affects domestic capital companies, domestic and foreign funds, and non-resident foreign institutional investors (corporate investors). The 10% rate applies to earnings f…