Turkmenistan Corporate Income Tax

Corporate profits tax rates and base

• Corporate profits tax — ordinary Turkmen legal entities — 8 percent (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Corporate profits tax — small/medium enterprises — 2 percent (approx — confirm eligibility) (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Corporate profits tax — state-owned (>50% state ownership) — 20 percent (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Corporate profits tax — foreign legal entities and branches — 20 percent (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Petroleum / hydrocarbon operations — Subject to a special elevated profits tax regime under petroleum-law contracts (rate substantially higher than the standard CIT) (approx — confirm rate per contract) (Law of Turkmenistan on Hydrocarbon Resources)
• Tax base — Gross income less deductible business expenses (accounting profit adjusted under the Tax Code) (Tax Code of Turkmenistan)
• Withholding tax — dividends — 15 percent (treaty rates may reduce) (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Withholding tax — interest — 15 percent (treaty rates may reduce) (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Withholding tax — royalties — 15 percent (treaty rates may reduce) (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Withholding tax — ship and aircraft lease income — 6 percent (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Property (real estate) tax on entities — 1% of the average annual net book value of immovable property percent (approx — confirm) (Tax Code of Turkmenistan (https://gsl.org/en/taxes/turkmenistan/))
• Annual corporate tax return deadline — Generally by 31 March following the tax year (approx — confirm) (Tax Code of Turkmenistan)
• Advance / interim payments — Profits tax is generally paid in periodic (monthly or quarterly) advance instalments during the year, with a final reconciliation on filing (approx — confirm frequency) (Tax Code of Turkmenistan)