The Application Period of the Exceptions as to Calculation of Foreign Exchange Losses Has Been Extended until 1 January 2027

The Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (“TCC”) (“Amendment Communiqué”) was published in the Official Gazette dated 10 December 2025 and numbered 33103, and entered into force on the same date.

Prior to the Amendment Communiqué, pursuant to Provisional Article 1 of the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the TCC (“Communiqué”), certain exceptions were provided for the calculations to be made until 1 January 2026 with respect to capital loss or insolvency under Article 376 of the TCC. In this context, it was stipulated that (i) all foreign exchange losses arising from foreign currency denominated liabilities that have not yet been fulfilled and (ii) half of the total amount of expenses arising from leases, depreciation, and personnel expenses accrued in 2020 and 2021 could be disregarded in such calculations.

With the Amendment Communiqué, the application period of the exceptions set forth under Provisional Article 1 of the Communiqué has been extended until 1 January 2027.

The full text of the Amendment Communiqué can be reached via this link. (Only available in Turkish)