Repeated Article 298 of the Tax Procedure Law sets the conditions and periods for inflation adjustment; in Turkey, balance sheets as at 31.12.2023 were subject to inflation adjustment. Special provisions have since been made for subsequent periods; the current position should be followed in the legislation.
Inflation adjustment for tax purposes and the application of TAS 29 under TFRS follow different rules.
Source: Tax Procedure Law No. 213 repeated Art. 298
Related terms
TAS 29 (Financial reporting in hyperinflationary economies)The standard requiring entities whose functional currency is the currency of a hyperinflationary economy to state their financial statements in terms of the purchasing power at the end of the reporting period.Revaluation (tax)Bringing depreciable assets and their accumulated depreciation up to current values under tax legislation.Advance taxTax paid in advance during the year by income and corporate taxpayers, in quarterly periods, on current-period earnings.Arm's length principleThe principle that transactions between related persons should be carried out at the prices and on the terms that would apply between independent parties with no such relationship.Capital gainGains of individuals from disposing of certain assets and rights that are subject to income tax.Certified public accountant (SMMM)A professional authorised to keep taxpayers' books, prepare their financial statements and advise on accounting and tax matters.
Last updated: October 22, 2026 · This definition is for general information only.