08November2022

Communiqué for Amendment of the Communiqué on Article 376 of the Turkish Commercial Code

Communiqué on the Amendment of the Communiqué on the Procedures and Principles for the Implementation of the Article 376 of the Turkish Commercial Code Numbered 6102 ("Amendment Communique") (In Turkish) has been published in the Official Gazette dated November 8, 2022 and numbered 32007. The amendment made in the Communique is as follows;

With the Amendment Communiqué, published in the Official Gazette dated September 15, 2018 and numbered 30536, the provisional clause of "Communiqué on the Procedures and Principles for the Implementation of the Article 376 of the Turkish Commercial Code Numbered 6102” ("Communiqué") (In Turkish)

“Until January 1, 2023, in the calculations made for capital loss or indebtedness within the scope of Article 376 of the Law, exchange rate difference losses arising from foreign currency denominated obligations that have not yet been performed may not be taken into account.”

The date of January 1, 2023 stipulated in the article has been extended to January 1, 2024.

The Amendment Communique has entered into force as of November 8, 2022, which is the publication date.

Should you have any queries or need further details, please contact your customer representative.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Turkish Commercial Code

Notification!

Contents provided in this article serve to informative purpose only. The article is confidential and property of CottGroup^® and all of its affiliated legal entities. Quoting any of the contents without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance put in the preparation of this article, CottGroup^® and its member companies cannot be held liable of the application or interpretation of the information provided. It is strictly advised to consult a professional for the application of the above-mentioned subject.

For each concrete situation, it is strongly advised to seek guidance from a professional advisor. If you are a customer of ours, please consult with your customer representative before taking any action related to the announcement. If you are not a customer, seek advice from an expert.