2024 Will inflation adjustment be made for the company that closes in May by submitting the end of liquidation balance sheet?
Tax Procedure Law Communiqué No. 555;
After the 2023 accounting period, in cases of cessation of business, liquidation, transfer, merger, change of type, correction of the balance sheet of the end of the 2023 accounting period
ARTICLE 28- (1) Provisional Article 33 of the Law numbered 213 stipulates the correction of the balance sheet belonging to the end of the 2023 accounting period, regardless of whether the conditions are met or not. On the other hand, the main principles regarding the continuous and correction process are included in paragraph (A) of the repeated Article 298 of the same Law. Accordingly, depending on the realization of the conditions, taxpayers will make the correction transactions for the 2024 accounting period over the corrected values in the balance sheet of the end of the 2023 accounting period subject to inflation adjustment, provided that there is no different regulation.
(2) In cases where the liquidation decision is taken before the end of the 2023 accounting period and the liquidation is finalized before this date, the correction of the balance sheet of the end of the 2023 accounting period will not be in question. However, if the liquidation is finalized after the end of the 2023 accounting period, the balance sheet for the end of the 2023 accounting period will be corrected.
(3) If the business is abandoned within the 2024 accounting period, the balance sheet of the end of the 2023 accounting period will be subject to inflation adjustment due to the occurrence of a situation arising in relation to the new accounting period and requiring a declaration for the short-term period.
(4) In cases of transfer, change of type, complete spin-off and merger after the end of the 2023 accounting period, the institution within which the transfer, spin-off or merger takes place will subject the balance sheet of the eliminated company or sole proprietorship at the end of the 2023 accounting period to inflation adjustment.
Source: Istanbul Chamber of Certified Public Accountants
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