Revaluation of Immovables within the scope of Law No. 7326* Canan Doksat Law No. 7326 on the Restructuring of Certain Receivables and Amendments to Certain Laws (“Law No. 7326”) entered into force by being published in the Official Gazette dated 9 June 2021. In Law No. 7326, provisions regarding (i) the restructuring of finalized tax receivables, (ii) tax receivables that are not finalized or are in litigation, (iii) tax assessments in litigation before first degree courts or whose deadline for filing a lawsuit had not expired, and (iv) tax base increase mechanism are included. Another important amendment introduced by the Restructuring Law is related to the revaluation rules. As per the added subparagraph to provisional Article 31 of Tax Procedural Code No. 213 (“TPC”), taxpayers with full liability and subject to the balance sheet principle will be able to reevaluate their immovable properties and other economic assets subject to depreciation that is registered in their legal books, provided that the scope, conditions, and provisions of provisional Article 31 are met. The referred provision regarding revaluation of immovable properties and other economic assets subject to depreciation is important in terms of the technical insolvency and bankruptcy calculations to be made within the scope of Article 376 of Turkish Commercial Code No. 6102. In this newsletter article, the main principles of the revaluation regulations stipulated within the scope of Law No. 7326 are summarized. * Article of June, 2021
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