Can the inflation adjustment that was forgotten to be made for some accounts at the end of 2023 be made in 2024?
If it is understood that the inflation adjustment that should have been made at the end of 2023 was not made for some accounts, a correction declaration must be submitted for them for 2023.
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Tax Procedure Law 555 Communiqué
Sanction for not making inflation adjustments
ARTICLE 56- (1) The provisions of Law No. 213 regarding inflation adjustments are essentially valuation provisions. Therefore, if taxpayers who are obliged to make inflation adjustments do not make the adjustments, the valuation process is deemed not to be done according to the procedure, and the penal sanction is applied in the same direction.
(2) In case of non-compliance with the accounting procedures and principles determined by the General Communiqué on the Implementation of the Accounting System No. 12, which includes the arrangements made in the Uniform Chart of Accounts in parallel with the transactions regarding inflation adjustments, the necessary penal procedures are applied in accordance with the relevant provisions of Law No. 213.
Source: Istanbul Chamber of Certified Public Accountants – Tax Procedure Law 555 Communiqué
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