Page 25 - 2005GR

Individual Pension System 2005 Progress Report

Kat›l›mc›n›n sistemden emeklilik hakk› kazanarak ya da The earnings of pension mutual funds established in
vefat/maluliyet nedeniyle ayr›lmas› durumunda elde etti¤i accordance with the Capital Markets Law are not liable
birikimin %25’i gelir vergisinden istisna edilerek for withholding tax. (Income Tax Law Provisional Article
(GVK.Mad.22), kalan %75’lik k›sm›na %5 oran›nda stopaj 67)
uygulanmaktad›r. (GVK. Mad.94/15)
3. Tax Advantages that are Secured when a
Sistemden emeklilik hakk› kazanmadan ayr›lmas› Participant Leaves the System
durumunda, asgari 10 y›l sisteme katk› pay› ödemifl ise To qualify for these advantages, a participant generally
birikimine %10 oran›nda; sisteme 10 y›ldan daha k›sa must have paid contributions into the system for at least
süre katk› pay› ödemifl ise, birikimine %15 oran›nda 10 years’ time. Income received from the individual
stopaj uygulanmaktad›r. (GVK. Mad.94/15) pension system is treated as capital gains (Income Tax
Law Article 75/15) and for that reason, it is liable for
Emeklilik Yat›r›m Fonu ve Menkul K›ymet Yat›r›m withholding tax. (Income Tax Law Article 94/15)
Fonu Karfl›laflt›rmas›
Bireysel emeklilik sisteminde, emeklilik yat›r›m fonlar›n›n If a participant leaves the system having become eligible
elde ettikleri kazançlar üzerinden tevkifat yap›lmamakta, to retire (or if he leaves the system due to his death
sistemden ç›k›fl s›ras›nda sistemden ayr›l›fl koflullar›na or disability), 25 percent of his benefits are exempt from
ba¤l› olarak de¤iflen oranlarda toplam birikime gelir income tax (Income Tax Law Article 22) and only
vergisi stopaj› uygulanmaktad›r. Buna karfl›l›k Gelir Vergisi 5 percent will be withheld for tax on the remaining
Kanunu’nun Geçici 67. maddesi uyar›nca, Sermaye 75 percent. (Income Tax Law Article 94/15)
Piyasas› Kanunu’na göre kurulan menkul k›ymet yat›r›m
fonlar› (borsa yat›r›m fonlar› hariç) ile menkul k›ymetler If a participant leaves the system without having become
yat›r›m ortakl›klar›n›n kurumlar vergisinden istisna edilmifl eligible to retire, then all his benefits are liable for
olan portföy kazançlar›, da¤›t›ls›n veya da¤›t›lmas›n %15 10 percent withholding if he has paid contributions into
oran›nda vergi tevkifat›na tabi tutulmaktad›r. the system for at least ten years. If the period is less
than ten years, then his benefits will be subject to
Bu uygulamalar›n kat›l›mc›n›n yat›r›m› üzerinde 15 percent withholding tax. (Income Tax Law
yaratabilece¤i farkl›l›klar afla¤›daki örnekle aç›klanm›flt›r. Article 94/15)

Ayl›k brüt ücreti 1.000 YTL olan bir ücretlinin 2006 y›l›nda Comparison of Pension Mutual Funds and Securities
bireysel emeklilik sistemine girdi¤i, 20 y›l boyunca sisteme Mutual Funds
sabit y›ll›k 1.200 YTL düzenli katk› pay› ödedi¤i, %20’lik In the individual pension system, no tax is withheld from
vergi diliminde oldu¤u ve vergi indiriminden faydaland›¤› the gains secured by pension funds. Withholding for
varsay›lm›flt›r. Kat›l›mc›n›n ödedi¤i y›ll›k 1.200 YTL income tax is applied when a participant leaves the
üzerinden %3,5 oran›nda yönetim gideri kesintisi system but at different rates depending on how he left
yap›ld›ktan sonra, kalan tutar emeklilik yat›r›m fonlar› the system. However under provisional article 67 of the
arac›l›¤›yla yat›r›ma yönlendirilmifltir. Bu durumda her y›l Income Tax Law, the corporation tax exempt portfolio
kat›l›mc›n›n sisteme katk›s› 1.200 YTL iken, vergi indirimi gains secured by mutual funds or investment trusts (but
nedeniyle y›ll›k 240 YTL avantaj sa¤lamakta, gerçekte not exchange-traded funds) set up in accordance with
cebinden ç›kan tutar 960 YTL olmaktad›r. the Capital Markets Law are subject to 15 percent
withholding tax, whether or not they are actually paid
Çal›flmada, kat›l›mc›n›n sistemde 20 y›l düzenli katk› out.
pay› ödemesi ile 56 yafl›n› doldurup emeklilik hakk›
kazanarak sistemden ayr›laca¤› kabul edilmifltir. The different effects that these rules can have on a
Hesaplamalarda girifl aidat›na iliflkin ödemeler dikkate participant’s investments are shown in the following
al›nmam›flt›r. Her iki fon tipi için de, fon iflletim gideri example.
kesintisi oran› günlük yüz binde 6,6* olarak al›nm›flt›r.
T.C. Baflbakanl›k Hazine Müsteflarl›¤›'n›n emeklilik yat›r›m Assuming that a salaried employee whose gross monthly
fonlar› muhtemel birikim tablolar›nda kullan›lmak üzere salary is YTL 1,000 joins the individual pension system
2003/4 nolu Genelge ile belirledi¤i reel bazl› getiri in 2006 and remains in it for twenty years, during which
oranlar›ndan 2006-2013 dönemi için %9, 2013 ve sonras› time he regularly pays a total of YTL 1,200 a year in
için %6 reel getiri oran› kullan›lm›flt›r. (Tüm y›llar boyunca contributions. Let us also assume that he is in the 20
enflasyon oran›n›n s›f›r oldu¤u varsay›lm›flt›r.) percent tax bracket and that he has claimed his tax
deductions. 3.5 percent of the YTL 1,200 a year that
the participant paid will have been deducted as a
management fee and the remainder will have been

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