Exemption Period for Capital Loss and Technical Bankruptcy Calculations under Article 376 of the Turkish Commercial Code Extended to 2028

The Communiqué introducing amendments to the Communiqué on Procedures and Principles regarding the Implementation of Article 376 of the Turkish Commercial Code No. 6102 was published in the Official Gazette dated October 10, 2026 and numbered 33396.

Pursuant to the amendment, the period during which "the entirety of FX losses arising out of FX-denominated liabilities that have yet to be performed, and half of the total expenditure arising from leases, depreciation and personnel expenses accrued in 2020 and 2021" may be disregarded in the calculation of capital loss and technical bankruptcy under Article 376 of the Turkish Commercial Code has been extended to January 1, 2028. As a result, the applicability of the aforementioned exemption, which was originally set to expire on January 1, 2023, has been extended by the Turkish Ministry of Trade for the fifth time.