The Communiqué (“Amendment Communiqué”) Amending the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (“Commercial Code”) (“Communiqué”) was published in the Official Gazette dated 25 December 2024 and numbered 32763.
The procedures and principles for implementing Article 376 of the Commercial Code, which regulates the situations of capital loss and insolvency, are set out in the Communiqué. Provisional Article 1 of the Communiqué establishes the exceptions applicable to calculations related to capital loss or insolvency.
Prior to the amendment made in the Communiqué, under Article 376 of the Commercial Code, it was regulated that in calculations related to capital loss or insolvency:
(i) all foreign exchange losses arising from foreign currency liabilities that have not yet been fulfilled, and
(ii) half of the total expenses, depreciations, and personnel costs arising from leases accrued in 2020 and 2021, could be excluded until January 1, 2025.
With the amendment introduced by the Amendment Communiqué, the application of these exceptions in the calculations has been extended for an additional year, until January 1, 2026.
Amendment Communiqué entered into force on its publication date, 24 December 2024.
The full text of the Amendment Communiqué can be reached through this link. (Only Available in Turkish)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
