Baykar Founders Dominate Türkiye’s Taxpayer Rankings Once More

The Bayraktar brothers, founders of the globally renowned drone manufacturer Baykar, once again topped Türkiye’s list of highest individual taxpayers for 2024.

Selçuk Bayraktar, chairman of Baykar, led the ranking after paying TL 2.76 billion ($84 million) in income tax last year, followed closely by his brother and Baykar general manager, Haluk Bayraktar, who contributed TL 2.53 billion, the Revenue Administration reported. The brothers have now maintained the top positions for four consecutive years, The Caspian Post reports via local media.

The amount of tax paid by the Bayraktars has increased roughly 18-fold since 2021, fueled primarily by Baykar’s booming export revenues, which accounted for 90% of the company’s turnover in 2024. The company achieved $1.8 billion in overseas sales last year, placing it among Türkiye’s top 10 exporters for the second consecutive year.

Baykar’s success in the defense and aerospace sectors has established the Bayraktars as influential figures both domestically and in the global drone market. The company is best known for its Bayraktar TB2 tactical unmanned combat aerial vehicle (UCAV), which gained international recognition after its deployment by Ukraine against Russian forces and in operations in Azerbaijan and North Africa.

Baykar has also developed Akıncı, a high-altitude, long-endurance combat drone, and TB3, the first armed UCAV capable of operating from short-runway ships. The company is advancing work on Kızılelma, the first unmanned fighter jet. Its drones have now been exported to more than 35 countries, making Baykar one of the world’s leading drone exporters.

Among other top individual taxpayers, the third-ranked individual opted not to disclose their name, while fourth place went to Mustafa Rahmi Koç, honorary chair of Turkish conglomerate Koç Holding, who paid TL 757.75 million. Several other top taxpayers also remained anonymous. Erman Ilıcak, honorary chair of Renaissance Holding, ranked 10th with TL 372.7 million in taxes.

On the corporate front, Garanti Bank led the list, paying TL 25.29 billion, followed by state-run Ziraat Bank with TL 20.84 billion, and participation lender Kuveyt Türk in third with TL 12.07 billion.

For reference, the average USD-TRY exchange rate in 2024 was 32.85.