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Turkmenistan

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About

Turkmenistan

Capital
Official languages
Population 
Currency

ISO 4217

Ashgabat

Turkmen, Russian

5,844,845 (as of 2019)

Turkmenistani Manat

TMT

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Economy

"Turkmenistan has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 6.2% in 2019, and is projected to grow by 6.3% in 2020. The country's inflation rate has also been relatively low, with an average of 4.2% in 2019. The unemployment rate in Turkmenistan is also low, at just 2.2%.

The country has seen a steady increase in foreign direct investment (FDI) over the past few years. In 2019, FDI inflows to Turkmenistan totaled $1.2 billion, a significant increase from the $0.8 billion in 2018. The country has also seen an increase in exports, with exports totaling $7.2 billion in 2019, up from $6.3 billion in 2018.

Overall, Turkmenistan has seen a steady growth in its economy over the past few years, with GDP growth, low inflation, low unemployment, and increasing FDI and exports."

Taxation

Taxation in Turkmenistan:

- Corporate income tax rate is 20% on taxable income

- Personal income tax is progressive, ranging from 0% to 10% for residents and 10% to 20% for non-residents

- Capital gains are taxed as ordinary income

- Dividends are taxed at a flat rate of 10%


Tax Payment and Calendar:

- The tax year in Turkmenistan runs from January 1 to December 31.

- Corporate income tax returns and payments are due within three months after the end of the tax year.

- Personal income tax is withheld by employers and paid to the tax authorities on a monthly basis.

- Taxpayers must file an annual tax return by April 1 of the following year.

- There are also various other taxes in Turkmenistan, including value-added tax (VAT), social security contributions, and property taxes.


It is worth noting that Turkmenistan's tax system can be complex and compliance can be challenging for businesses and individuals. Additionally, there is limited information available publicly on the tax system in Turkmenistan. It is recommended to consult with a tax professional familiar with the specific circumstances in Turkmenistan for personalized advice on tax matters.

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