Wednesday, April 8, 2022
In subparagraph (d) of the first paragraph of Article 5 of the KVK;
– Earnings of securities mutual funds or partnerships arising from portfolio management (the presence of foreign currency or foreign currency indexed securities in the fund or partnership portfolio does not prevent the application of exception),
– Earnings arising from portfolio management of mutual funds or gold and precious metals-based partnerships whose portfolios are traded in stock exchanges in Turkey,
– Profits of venture capital investment funds or partnerships,
– Earnings of real estate investment funds or partnerships,
– Earnings of pension mutual funds,
– Earnings of housing finance funds and wealth finance funds,
The mentioned funds or partnerships are exempt from corporate tax, provided that they are established in Turkey.
This exemption does not prevent the aforementioned funds and partnerships from being taxed by way of deduction over the said earnings.
On the other hand, the exemption from corporate tax of the incomes arising from the portfolio management of mutual funds traded in the stock exchanges established in Turkey or partnerships based on gold and precious metals depends on the portfolio structure of the funds and partnerships. earn income. At least 51% of the fund portfolio on a continuous basis;
– Funds and partnerships invested in gold traded in stock exchanges in Turkey and gold-based capital market instruments “Gold fund or partnership”,
– Funds and partnerships investing in gold and other precious metals traded in stock exchanges in Turkey and capital market instruments based on these metals are “precious metals funds or partnerships”.
will be accepted as
In order for the funds or partnerships in question to be evaluated within the scope of the aforementioned paragraph, gold, precious metals and capital market instruments based on these metals must be traded in the stock exchanges established in Turkey.
Earnings of real estate investment funds or partnerships established in Turkey are exempt from corporate tax. The said exemption arrangement mainly covers the earnings of real estate investment funds or partnerships operating a portfolio consisting of real estate, real estate projects and real estate-based rights. The fact that the said real estate investment funds or partnerships constitute the remaining part of the obligation to invest in real estate, real estate projects and real estate-based rights determined by the deposit, participation account, repo, participation and other capital Markets Board, does not prevent the application of the determined assets and rights exception. .
However, in accordance with the explanations added to the Corporate Tax General Communiqué No. 13 and the Corporate Tax General Communiqué No. 1; The incomes of mutual funds or partnerships whose portfolio consists of other assets and rights such as infrastructure investments and services, unlike the real estate investment funds or partnerships mentioned above, cannot be subject to exemption within the scope of paragraph (4) of the Law. Subparagraph (d) of the first paragraph of Article 5 of the Law. The fact that these funds or partnerships are established in accordance with the capital market legislation or have the phrase “Real Estate Investment Fund” or “Real Estate Investment Trust” in their titles will not allow them to benefit from the said exception.
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