287 TAX LAW economical assets and associated depreciations are considered with their book values as of 9 June 2021. As a result of revaluation, value increases arising in values of depreciable economical assets and immovables are demonstrated under a special fund account within the liabilities of the balance sheet. The referred amount recorded under a special fund account within the liabilities of the balance sheet can be used for capital increase transaction. Taxpayers revaluating their depreciable assets will be subject to a tax at the rate of 2% to be calculated on the surplus as a result of the revaluation. Such tax shall be declared to the related tax office in terms of income or corporate tax with a return to be submitted by the end of month following the date on which the valuation transaction is made, and its first installment shall be paid within the declaration submission period. The following installments shall be paid in three equal installments during the 2nd and 4th months following the declaration submission period. Tax paid cannot be deducted from income and corporate tax and accepted as expense for the determination of income and corporate tax base. The Link Between the Revaluation Regulation and Article 376 of the TTC The most important advantage provided by the aforementioned regulation is that the company balance sheets will be more realistic and closer to the market values2. Another important advantage is related to the technical insolvency and bankruptcy calculations to be made within the scope of Article 376 of the TCC. Under Article 376 of the TCC, the legal result of the (i) loss of one-half of the total capital and legal reserves, (ii) loss of two-thirds of the capital and legal reserves, and (iii) total loss of the capital and legal reserves that refers to “bankruptcy” are regulated. 2 Ak, Mustafa:“Yüzde 2 Vergi Ödemeli Yeniden Değerleme, Bir Taşla Üç Kuş”, https://www.dunya.com/kose-yazisi/yuzde-2-vergi-odemeli-yeniden-degerlemebir-tasla-uc-kus/624465, (Access date: 22.06.2021).
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