Accounting Outsourcing and
Tax compliance in Turkmenistan
Turkmenistan– Accounting Outsourcing and Tax Compliance
When accounting for Taxation in Turkmenistan, it is a paramount that you understand the facts laid-out by the laws of the land. The state demands it, as a legal requirement, as a provision within the confinements of the tax laws.
Global Expansion Plus provides accounting outsourcing and tax compliance in Turkmenistan. We provide services with support of our local accountants and tax specialists. We will perform bookkeeping, accounting and filling tax return on your behalf bearing all associated compliance risks. Every state will put in place a tax system, to raise revenue. Turkmenistan is no different. Whether a resident or a non-resident, individual or corporate, there is the need to understand taxation in Turkmenistan.
Turkmenistan in facts
Corporate income tax (CIT)
Value-added Tax (VAT)
Personal Income tax (PIT)
Payroll related taxation
Payroll incomes, for salaried individuals is subject to taxation. The obligation to deduct and remit the tax to the state lies with the employer. A 10% PIT rate applies plus 2 manats to go with it. The extra deduction, as a requirement by the state, is set aside for rural-urban development.
Employers also have an obligation to contribute to the pension scheme at the rate of 20%. For employees whose work is considered hazardous, they benefit from an additional 3.5% on the pension scheme. Apart from the employers’ contribution to the scheme, employees can voluntarily contribute at least 2% of their income. Expatriates nevertheless do not qualify for such.
Import/ Export related taxation
Custom dutyDuty paid for all imports in Turkmenistan qualify as tax, at the normal rate of 2%. It will however depend on the type of good coming into the country. For example, carbonic acid will attract a customs duty of 100% and 2% for products relating to cement. A 0.2% clearance fee at the point of entry will apply.
Excisable products such as cars, tobacco and tobacco products, and alcohol are subject to excise duty. Whether imported or locally manufactured, most harmful products will be excisable.