Are Entities Under Liquidation Subject to E-Ledger Requirements?
Yes, entities whose liquidation continues into 2025 will also be required to maintain their journal and general ledger as e-ledgers starting from January 1, 2025.
New Regulation: Transition to E-Ledger System
Starting January 1, 2025, a significant era for maintaining records on paper will come to an end. Here are the details of the changes for taxpayers and companies:
Journal and General Ledger Must Now Be Maintained Electronically
- The journal (daybook) and general ledger can no longer be kept in physical form.
- Taxpayers can apply for the e-Ledger system using their Interactive Tax Office credentials and begin maintaining records electronically.
Companies Under Liquidation Are Also Subject to the Regulation
- Companies in the liquidation process will also be included in the e-Ledger requirements.
Inventory and Other Ledgers Will Continue in Physical Form
- Inventory Ledger: This ledger will continue to be kept in physical form, as it is not covered under the e-Ledger regulation. However, if the draft Communiqué, which was published in December 2024, is finalized, companies will have the option to maintain the inventory ledger electronically.
- Other Ledgers to Continue in Physical Form:
- General Assembly Meeting and Negotiation Ledger
- Board of Directors Ledger for Joint Stock Companies
- Board of Managers Resolution Ledger for Limited Liability Companies (if used)
- Shareholders Ledger
Closing Certifications Will Be Done at Notaries
- The requirement for closing certifications at notaries for the Board of Directors Ledger of joint-stock companies and the Board of Managers Resolution Ledger of limited liability companies will remain mandatory in January 2025.
Purpose of the Regulation
This change aims to accelerate the digitalization process for taxpayers and establish a more efficient and secure accounting framework.
Taxpayers and companies are advised to complete the necessary procedures on time through the Interactive Tax Office to ensure a smooth transition to the e-Ledger system.
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
