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With the regulation published in the Official Gazette dated 10 December 2025, the validity period of the application set out under the Temporary Article 1 of the "Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102" dated 14 September 2018 ("Communiqué") has been amended.
Article 376 of the Turkish Commercial Code No. 6102 ("TCC") stipulates the procedures and principles to be followed by companies in cases of capital loss or insolvency. The Communiqué sets out the framework applicable to joint stock companies, limited liability companies, and partnerships limited by shares within the scope of this article.
Pursuant to Temporary Article 1 of the Communiqué, companies had the option to exclude the following items from the calculations conducted under TCC Article 376 regarding capital loss or insolvency until 1 January 2026:
- All foreign exchange losses arising from foreign currency denominated obligations that have not yet been fulfilled;
- Half of the total expenses, depreciation, and personnel costs arising from lease agreements accrued in 2020 and 2021.
With the newly introduced amendment, the validity period of these exemptions has been extended until 1 January 2027.
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.
