Article 376 of Turkish Commercial Code

As per the provisional Article 1 of the Communiqué on the Procedures and Principles of the Implementation of Article 376 of Turkish Commercial Code numbered 6102, which was published in the Official Gazette dated 15.09.2018 and numbered 30536, it has been regulated that “all foreign exchange losses arising from foreign currency liabilities that have not yet been fulfilled and half of the total expenses, depreciation and personnel expenses arising from leases accrued in 2020 and 2021 may not be taken into account in the calculations made regarding capital loss or insolvency within the scope of Article 376 of the TCC until 01.01.2023”

Upon the amendment published and entered into force in the Official Gazette dated 08.11.2022 and numbered 32007, the above-mentioned period has been extended until 01.01.2024.