2025 Tax Top Earners Revealed: Baykar and Ziraat Bank Lead the Pack

The Revenue Administration disclosed the 100 taxpayers with the highest income and corporate tax filings for the 2025 tax period, highlighting Baykar executives and Ziraat Bank as top contributors.

Baykar Executives Set New Tax Payment Records

■Selçuk Bayraktar reported 2,991,536,000 TRY in income tax for 2025.

■Haluk Bayraktar paid 2,502,027,000 TRY, bringing their combined tax contribution to 5,493,563,000 TRY.

■From 2021 to 2025, the Baykar executives' tax payments grew by roughly 18‑fold.

■The company finances this surge through a 90% export ratio.

Ziraat Bank Tops Corporate Tax Rankings

■Ziraat Bank recorded a corporate tax liability of 70,394,682,000 TRY, securing the first position for 2025.

■Türkiye Vakıflar Bank follows in second place with 22,908,019,000 TRY.

■Other major banks on the list have expanded their tax bases thanks to growing loan books and rising foreign‑currency deposits.

Macro‑Economic Implications of the Tax Data

■Approximately 70% of the highest income taxpayers operate in defense and high‑tech sectors.

■Ziraat Bank’s corporate tax performance reflects broader credit expansion within the banking sector.

■Mustafa Rahmi Koç, Honorary Chairman of Koç Holding, ranked third with 830,795,072 TRY in income tax.

■The distribution underscores the importance of integrating high‑income taxpayers into the tax base for sustainable growth.

Market participants note that Baykar’s export‑driven expansion and Ziraat Bank’s credit growth directly feed into higher tax revenues. A modest easing of credit conditions and the momentum in high‑tech exports could offset the current SME credit squeeze and soften the impact of macro‑prudential measures on the banking sector. Nonetheless, the expanding tax base warrants close monitoring of cost‑inflation pressures and real‑interest rate dynamics.