The 2024 Ledger Certification Process and Its Importance in Turkey

Introduction

In Turkey, companies are required to undergo an annual ledger certification process, which confirms the compliance and reliability of their financial transactions with legal regulations. The significance of this process, its implementation procedures, and related legal regulations are of great importance for the year 2024.

Definition and Legal Basis of Ledger Certification

The ledger certification process involves the examination and approval of a company’s financial records by a notary or other authorized bodies. This process is a legal requirement under Article 64 of the Turkish Commercial Code (TCC) and Article 172 of the Tax Procedure Law (TPL), aiming to ensure financial transparency and reliability.

2024 Ledger Certification Fees and Procedures

In 2024, fees set by financial advisors for ledger certification may include notary certification fees, stationery expenses, trade registry certification, travel, postage, cargo, and other related costs. These fees may vary based on the company’s capacity and labor status. The fees are determined by financial advisor chambers and are usually published on their websites. For access to these websites and their fee lists, you can visit the following links:

• Istanbul Chamber of Certified Public Accountants
• Ankara Chamber of Certified Public Accountants
• Izmir Chamber of Certified Public Accountants

Penalties for Non-Compliance with Ledger Certification

Non-compliance with the ledger certification process can subject companies to various sanctions. These include administrative fines, disadvantages during tax inspections, loss of legal validity of financial records, impairment of financial transparency, and potential impacts on business licenses or other permits. For instance, under the Turkish Commercial Code, failing to certify the closure of a physical ledger can result in an administrative fine of 10,242 Turkish Lira​​.

General Tax Sanctions

Generally, non-compliance with tax laws in Turkey can lead to various tax sanctions. These sanctions may include additional tax liabilities, interest for late payments, and administrative fines due to tax deficiencies, delays, or misdeclarations. Therefore, it is crucial for companies to be diligent in fulfilling their financial obligations and fully comply with legal requirements.

Conclusion

The ledger certification process in 2024 in Turkey is a vital process for companies to fulfill their legal obligations, maintain financial transparency, and manage their finances regularly. The attention and care of companies and financial advisors in this matter are critical for long-term success and stability.