Article 367 of Turkish Commercial Code showing the necessary steps for companies who go into debt due to capital loss

MuhasebeNews — Wed, 09 Jan 2019 15:06:44 +0000

Article 367 of Turkish Commercial Code showing the necessary steps for companies who go into debt due to capital loss is as follows.

3. Capital loss, going into debt

a) Obligations of appeal and notification

Article 376- If it is understood that half of total of legal reserves and capital in the last yearly balance are unreturned because of damage, the board of directors call a meeting of the general assembly and presents them the remedial measures that they find suitable.

(2) According to the balance of last 2 years, if it is understood that two thirds of the total of legal reserves and capital are unreturned because of damage, the company ends by itself unless the general assembly which is called for a meeting immediately decides to make do with one third of the capital or the completion of the capital.

(3) If there are signs showing that the company has göne into debt, the board of directors makes up an interim balance sheet of assets both on the basis of going concern concept and the possible sale prices.

If it is understood from this balance sheet that the actives are not enough to meet the receivables of company’s suppliers, the board of directors notifies the Commercial Court of First Instance located near the company’s headqusters and declares bankruptcy.

Unless it is decided on written form by suppliers of company debts in the amount that may close company’s deficit and recover it from being deep in debt, to be placed after all the suppliers on the list, and the legitimacy, authenticity and validity of this statement or agreement is confirmed by experts assigned by court to which the board of directors will declare bankruptcy, before the decree of bankruptcy. Otherwise, the application to the court for expert review is as declaration of bankruptcy. [*]

Source: Turkish Commercial Code – Article 376
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.

What is the VAT rate for commercial vehicle sales until 31.12.2018?

MuhasebeNews — Tue, 18 Dec 2018 17:30:49 +0000

…VAT rate for commercial vehicles is reduced to 1% until 31.12.2018.

During this period;

Question 1: Can I apply %18 VAT instead of 1% optionally?
Question 2: How much will the VAT rate be in 2019 for vehicles if I apply it as 1%?

1-No.
2-It will be 18%.

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.

commercial – Muhasebe News

Article 367 of Turkish Commercial Code showing the necessary steps for companies who go into debt due to capital loss

What is the VAT rate for commercial vehicle sales until 31.12.2018?