Year-end closing guide 2026: a checklist from stock count to tax return

The corporate tax return will be filed in April 2027; but most of the figures in that return are fixed by what is done on the evening of 31 December 2026. This guide walks through the closing of the 2026 accounting period, in order, for companies and other taxpayers keeping balance-sheet books. For a shorter list: Period-end procedures

1. Stock count and inventory

The inventory provisions of the Tax Procedure Law (arts. 185–188) govern how the quantities and values of the business's assets and liabilities are determined on the balance-sheet date by counting, weighing, measuring and valuation, and how the result is entered in the inventory book. In practice, three counts stand out:

• Cash count: TL and foreign currency in the cash box are physically counted and compared with the recorded balance. Any difference is investigated; money that is on the books but not in the cash box may be treated in an audit as a loan to a partner.
• Inventory count: Goods for resale, raw materials, work in progress and finished goods are counted. Damaged, spoiled or obsolete goods are listed separately. Cost calculation: Inventory valuation
• Fixed asset check: Assets that are on the books but no longer in use or no longer owned are identified; their removal is supported by documents.

For each count, prepare a count report showing the date, the people counting, the items counted, the quantities and signatures. The report supports the entries in the inventory book and is one of the first documents requested in an audit.

2. Valuation

Valuation is the determination of the value of economic assets on the balance-sheet date. The measures, and which measure applies to which asset, are set out in art. 258 and the following articles of the Tax Procedure Law.

Foreign currencies (TPL art. 280)

Foreign currencies are valued at the stock exchange price. In practice:

• For foreign currency bank accounts, receivables and payables, the CBRT foreign exchange buying rate is used; for foreign cash in the cash box, the banknote buying rate.
• Year-end values of foreign currencies without a stock exchange price are announced each year by the Ministry of Treasury and Finance in a Tax Procedure Law General Communiqué. For currencies not listed in that communiqué, CBRT rates are used.
• The valuation difference is profit or loss of that period; it does not require an invoice.

Period-end rates in one table on this site: Period-end valuation rates · Calculation: FX revaluation · Details: Foreign currency transactions and exchange differences

Rediscount of receivables and payables (TPL arts. 281 and 285)

Notes receivable and payable that are not yet due can be discounted to their value on the valuation date. Rediscount is optional. If no interest rate is written on the note, the interest rate the CBRT applies in rediscount transactions is used; check the rate on the CBRT website as at the valuation date. Applying the chosen approach consistently from year to year matters in an audit. Calculation: Note rediscount

Doubtful and worthless receivables (TPL arts. 323 and 322)

The small receivable threshold for 2026 is TRY 25,000. The provision should be set aside in the period in which the conditions are met; review litigation and enforcement files before 31 December. Details: Doubtful and worthless receivables

3. Depreciation

• Annual depreciation is recorded. Fixed assets costing no more than TRY 12,000 in 2026 can be expensed directly.
• Pro-rata depreciation: The general rule is a full year's depreciation in the year of purchase. For passenger cars, however, depreciation in the year of purchase is calculated by fractions of months (pro rata).
• Depreciation not taken: If a year's depreciation is not taken in that year, it cannot be made up in later years. Check that every asset capitalised during the year is on the depreciation list.
• Assets sold: The accumulated depreciation of an asset sold or scrapped is removed from the books; the difference between the remaining value and the sale price is profit or loss.

Details: Depreciation methods · Calculation: Depreciation

4. Inflation adjustment 2026

Under provisional article 37, added to the Tax Procedure Law by Law No. 7571, the 2026 accounting period, together with its provisional tax periods, is not subject to inflation adjustment for tax purposes, even if the conditions are met. The ban covers the 2025, 2026 and 2027 accounting periods. The amounts adjusted as at the end of 2024 are the opening values for later periods. In periods without adjustment, the option to revalue depreciable assets comes into play. Details: Inflation adjustment 2026 · Calculation: Revaluation

5. Dealings with partners

• 131 Receivables from partners: Not charging interest on money a partner withdraws from the company may be treated as a transaction with a related person that is not at arm's length, creating the risk of disguised profit distribution through transfer pricing (CTL art. 13). At year end, interest (adat) is calculated on the balance and an invoice with VAT is issued for the interest. Calculation: Adat interest
• 331 Payables to partners: The part of borrowings from partners and related persons exceeding three times the equity at the start of the period may be treated as thin capitalisation (CTL art. 12); interest and exchange differences on that part cannot be expensed.
• For both accounts, agree the year-end balance with the partner in writing.

Details: Partners' current account and adat · Thin capitalisation and transfer pricing

6. Non-deductible expenses and provisions

Not every amount recorded as an expense in the books can be deducted from the tax base. Non-deductible expenses (CTL art. 11; for income taxpayers, ITL art. 41) should be tracked in a separate account during the year and added back to profit in the return. For provisions, what matters for tax is whether the provision is provided for in the tax laws: a doubtful receivable provision is expensed when the conditions in TPL art. 323 are met. Check separately the effect on the tax base of other provisions set aside for the commercial balance sheet. List: Non-deductible expenses

7. Book procedures

• Opening certification: Taxpayers who do not use e-Ledger and keep their books on paper have the books they will use in 2027 certified for opening by a notary by 31.12.2026.
• e-Ledger berats: e-Ledger users upload their monthly berats on time instead of paper certification. Berat dates for December 2026 and earlier months: Tax calendar · e-Ledger berat deadlines
• Closing certification: The 2026 closing certification of a journal kept on paper is done by the end of the sixth month of the following financial period, and the closing certification of the board of directors' resolution book by the end of the first month.

Details: Commercial books and retention

8. After closing: moving into 2027

• Revaluation rate: Fixed amounts in the Tax Procedure Law (for example, the doubtful receivable threshold and the direct expense threshold) are updated with the announced revaluation rate; the new amounts apply from 1 January. Details: Revaluation rate
• Minimum wage and payroll: Once the 2027 minimum wage and the related SGK floor and ceiling are announced, they should be reflected in the January 2027 payrolls. The 2026 amounts: 2026 payroll parameters
• Annual returns: Income taxpayers file their return in March 2027, corporations in April 2027: Corporate tax return · Annual income tax return

9. Calendar: December 2026 – April 2027

Rows marked "GİB calendar" are taken from GİB's 2026 tax calendar. Rows marked "Draft" are prepared from the statutory deadlines and may change when GİB publishes the 2027 tax calendar. Current list: Tax calendar

10. Checklist

• Cash, inventory and fixed asset counts are done and the count reports are signed.
• Bank, customer/supplier and partner account reconciliations are complete.
• Foreign currency items are valued at 31.12.2026 rates.
• A decision has been made on whether to apply rediscount.
• Doubtful receivable provisions are set aside for receivables in litigation or enforcement.
• Annual depreciation and asset disposals are recorded.
• Adat is calculated and invoiced for receivables from partners.
• Non-deductible items are collected in a separate account.
• The 2027 books are certified for opening, or the e-Ledger berat plan is ready.

Frequently asked questions

Can I do the count before 31 December? The inventory is taken as at the balance-sheet date. If the count is done a few days earlier for practical reasons, movements in and out between the count and 31 December should be added to the report so that the quantities are brought to the balance-sheet date.

Is rediscount mandatory? No. Under TPL arts. 281 and 285, rediscount is optional; applying the chosen approach consistently from year to year is advisable.

At which rate is cash in US dollars valued? In practice, the CBRT banknote buying rate is used; for foreign currency at the bank, the foreign exchange buying rate: Period-end valuation rates

Will there be an inflation adjustment in 2026? No. Under Law No. 7571, the 2026 accounting period, together with its provisional tax periods, is not subject to inflation adjustment for tax purposes.

If I do not take depreciation this year, can I take it next year? No. If a year's depreciation is not taken in that year, it cannot be made up in later years.

I use e-Ledger; do I need notary certification? Not for the journal and the general ledger; instead, the berats are uploaded on time. For other books you keep on paper, check the certification deadlines separately.

For questions about your closing schedule: Contact

Legal basis: Tax Procedure Law No. 213 arts. 185–188 (inventory), art. 258 et seq. (valuation), arts. 280, 281, 285, 313–321 (depreciation), 322, 323, repeated art. 298 and provisional art. 37; Corporate Tax Law No. 5520 arts. 11, 12 and 13; Income Tax Law No. 193 art. 41; Turkish Commercial Code No. 6102 art. 64; Law No. 7571 (Official Gazette 25.12.2025, No. 33118).