Notification No. 002 dated 27 January 2022 on Submission of Annual Financial Statements (Notification 002) issues that starting from the year 2021, companies that are not obliged to have an audit report must prepare financial statements in compliance with the accounting standards in force and submit them to ACAR via the e-filing system no later than three months and 15 days after the balance sheet date.

Also, in accordance with Notification No. 001 AAR.SCN dated 27 January 2022, ACAR requires companies aiming to continue using English language in their accounting systems to notify ACAR via the e-filing system by 31 March 2022 at the latest. Newly registered companies must notify ACAR of the use of the English language in their accounting systems within 60 days from the date that they are successfully registered with the General Department of Taxation.

Enterprises that do not comply with the provisions of this Notification will receive penalties in accordance with those set out in Sub-Degree No. 79 on Punishments on violations of the Accounting and Auditing Law issued 1st June 2020.