28June2019

2018 Closing Ratifications of General Journals

As it is clearly indicated in the 64^th article of Turkish Commercial Code numbered 6102; every merchant is liable to keep commercial journals, and expose commercial transactions, financial and fiscal status of the commercial enterprise, debt and credit relations and outcomes obtained in every accounting period in accordance with the related Law.

Taxpayers are required to conduct opening ratifications of the journals to be used physically in accordance with the provisions of Turkish Commercial Code and Tax Procedural Law; and to conduct closing ratifications in accordance with the provisions of Turkish Commercial Code alone. E-ledger users are not required to conduct general journal closing ratification.

Due Date for Closing Ratifications of General Journals Is 01 July Monday

According to Turkish Commercial Code, in 2018, general journals kept in a physical environment are required to be ratified for closure by being submitted to the notary by the end of 1 July 2019 Monday (since 30 June 2019 is on Sunday).

As it is set forth in the Turkish Commercial Code, taxpayers, who do not conduct opening or closing ratifications on time, will be subject to an administrative fine of 7.658 TL for 2019.

You can access the relevant circular in Turkish from here.

Author Selma Kıy, Category Taxation Law

Closing Ratifications of General Journals - Archive
- 2018 Closing Ratifications of General Journals
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