On 17 January 2022, new draft legislation (the Bill) was accepted by the Turkish Parliament’s Planning and Budget Commission and presented to the Turkish Parliament. The Bill proposes the postponement of inflation accounting until 31 December 2023. This Bill proposes to add a temporary article 33 to the Tax Procedure Code and under this article, even if all necessary conditions are met for inflation accounting in 2021, 2022 fiscal periods (including quarterly tax periods) and 2023 quarterly periods, inflation accounting will not be applicable.Also, irrespective of whether conditions are met, balance sheets of 31 December 2023 will be subject to...