Income and corporate taxpayers who started working in the 2024 accounting period and whose earnings are determined according to the balance sheet principle
ARTICLE 42- (1) Temporary Article 33 of Law No. 213 is related to the correction of the balance sheet dated 31/12/2023 (the balance sheet at the end of the 2023 accounting period). Income or corporate taxpayers who started working in the 2024 accounting period and whose earnings are determined according to the balance sheet principle will not make any corrections on their balance sheets at the beginning of the period based on the said article.
(2) If the conditions for making an inflation adjustment (included in Article 298, paragraph A, of Law No. 213) are met after the date of starting work by the aforementioned taxpayers, the inflation adjustment will be started as of the end of the temporary tax period in which the conditions are met in accordance with the aforementioned paragraph.
Example: Mr. (A), a merchant who started working on 15/2/2024, whose income is determined according to the balance sheet principle and whose accounting period is a calendar year, is required to determine the provisional tax base dated 31/3/2024 (according to the provisions regarding inflation adjustment) according to the adjusted 31/3/2024 balance sheet and make inflation adjustments in the following provisional tax periods and at the end of the current accounting period, if the conditions for making an inflation adjustment are met as of 31/3/2024, which is the end of the provisional tax period in which he started working.
Source:Tax Procedure Law Communiqué No. 555
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