Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 has been published 14 November 2023
In order to regulate the procedures and principles to be followed in cases of loss of capital or insolvency of joint stock companies, limited liability companies and limited partnership companies with capital divided into shares within the scope of Article 376 of the Turkish Commercial Code No. 6102 (Law), the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (Communiqué) was first published in the Official Gazette dated 15/09/2018 and numbered 30536, and with the Provisional Article 1 of this Communiqué until 01/01/2023, Within the scope of Article 376 of the Law, it was stated that foreign exchange losses arising from foreign currency denominated liabilities that have not yet been fulfilled may not be taken into account in the calculations regarding capital loss or insolvency.
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With the Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102 published in the Official Gazette dated 26/12/2020 and numbered 31346, the said Provisional Article 1 has been amended and the phrase "foreign exchange losses" in the first paragraph of the provisional article 1 of the Communiqué has been amended as "all of the foreign exchange losses and half of the total of the expenses arising from leases, depreciation and personnel expenses accrued in 2020 and 2021" and the sentences below have been added to the same paragraph. |
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"In determining these amounts, calculation shall be made in such a way that no duplication shall occur. Regarding the calculations to be made within the scope of this paragraph, no record shall be included in the financial statements prepared in accordance with Article 13, and this situation shall be shown in the footnotes as information." |
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Subsequently, with the Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102 published in the Official Gazette dated 08/11/2022 and numbered 32007, the date of 01.01.2023 was changed from 01.01.2023 to 01/01/2024 and the period of the possibility that foreign exchange losses arising from foreign currency denominated liabilities that have not yet been fulfilled may not be taken into account in the calculations regarding capital loss or insolvency within the scope of Article 376 of the Law was extended. |
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Finally, with the Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102 published in the Official Gazette dated 31.10.2023 and numbered 32355 (Issue: 24813), the date specified in the Provisional Article 1 of the Communiqué was changed as 01/01/2025. Thus, in the calculations regarding capital loss or insolvency within the scope of Article 376 of the Law, the period for disregarding all foreign exchange losses arising from foreign currency denominated liabilities that have not yet been fulfilled and half of the total of expenses, depreciation and personnel expenses arising from leases accrued in 2020 and 2021 has been extended until 01/01/2025. |
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The final version of the Provisional Article 1 of the Communiqué is as follows; |
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"PROVISIONAL ARTICLE 1 - (1) (Amended phrase: RG-31/10/2023-32355) Until 1/1/2025, in the calculations made regarding capital loss or insolvency within the scope of Article 376 of the Law, all of the foreign exchange losses arising from foreign currency liabilities that have not yet been fulfilled (Amended phrase: RG-26/12/2020-31346) and half of the total of expenses, depreciation and personnel expenses arising from leases accrued in 2020 and 2021 may not be taken into account. (Additional sentence: OG-26/12/2020-31346) In determining these amounts, the calculation is made in a way to avoid duplication. Regarding the calculations to be made within the scope of this paragraph, no record shall be included in the financial statements prepared in accordance with Article 13, and this situation shall be shown in the footnotes as information." |
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You can access the full text of the Communiqué from the link below. |
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https://www.mevzuat.gov.tr/ mevzuat? MevzuatNo= 24813& MevzuatTur=9& MevzuatTertip=5 |
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Finally, we would like to state that this right recognised in Provisional Article 1 of the Communiqué is left to the discretion of the relevant companies and is not mandatory. |
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