The "Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102" which includes regulations for companies in case of capital loss and insolvency situations, was published in the Official Gazette on October 31, 2023.
The amendment published in the Communiqué is related to the Provisional Article 1 regulated under Article 376 of the Law; Provisional Article 1 is an article that takes into account the capital-reducing role of foreign exchange losses, regulates that foreign exchange losses may not be taken into account in the financial statements to be prepared, and aims to prevent the loss of capital and the possibility of insolvency in case of foreign exchange losses.
With the amendment communiqué dated December 26, 2026, the phrase "foreign exchange losses" in the first paragraph of the provisional Article 1 has been amended as "half of the total of all foreign exchange losses and expenses arising from leases, depreciation and personnel expenses accrued in 2020 and 2021″ and "In determining these amounts, the calculation is made in a way that does not create 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."
The amendments made within the scope of the aforementioned Provisional Article 1 extend the regulation regarding the calculation of capital loss or insolvency, stating that as of January 1, 2024, has been changes to January 1, 2025, the entire exchange rate losses arising from outstanding foreign currency liabilities and half of the total of expenses, amortizations, and personnel expenses incurred from leases in 2020 and 2021 may not be taken into account.
You can access the Communiqué and the Amending Communiqué from the links below:
The Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102:
https://www.resmigazete.gov.tr/eskiler/2018/09/20180915-8.htm
The Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102:
https://www.resmigazete.gov.tr/eskiler/2023/10/20231031-3.htm
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