Time Extension under Art. 376 TCC

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.

The above-mentioned period has been previously extended until 01.01.2024, and with the amendment published and entered into force in the Official Gazette dated 31.10.2023 and numbered 32355, it has been extended again until 01.01.2025.

Aslı Tezcan LL.M., Partner
Sıla Eyvaz, Associate