THE PERIOD OF PROFIT DISTRIBUTION LIMITATIONS FOR CAPITAL COMPANIES HAS BEEN EXTENDED

With the Communiqué published in the Official Gazette dated 28 October 2020 and numbered 31288, the limitations on profit distribution previously imposed for capital companies were extended until 31/12/2020. In that respect; except for the exceptions stated under the Communiqué on the Procedures and Principles Regarding the Implementation of Provisional Article 13 of the Turkish Commercial Code No.6102, it may be decided to distribute only up to 25% of the net profit of the year 2019 and previous year profits and free reserves funds cannot be distributed until the date of 31/12/2020.

ERKUT LAW OFFICE