December 2025 – On 10 December 2025, the Communiqué Amending the Ministry of Trade’s Communique on the Procedures and Principles of the Implementation of Article 376 of the Turkish Commercial Code (Law No. 6102) (“TCC”) (“Communique”) was published in the Official Gazette. With this amendment, the effective period of Provisional Article 1 has been extended for an additional year, and its application date has been revised from 1 January 2026 to 1 January 2027.
Provisional Article 1 of the Communiqué (“Provisional Article”) currently provides a temporary exemption until 1 January 2026, under which the following may be disregarded when calculating capital loss or insolvency positions under Article 376 of the TCC: (i) all foreign exchange losses arising from foreign currency liabilities not yet fulfilled; and (ii) half of the total depreciation expenses, personnel expenses, and lease expenses accrued in 2020 and 2021. With the recent amendment, the Provisional Article will continue to apply until 1 January 2027.
If you have any questions regarding these changes, please do not hesitate to contact us.