Turkmenistan Tax Overview

Turkmenistan tax system at a glance

Turkmenistan operates a low-rate, source-and-residence based tax system administered under the Tax Code of Turkmenistan. The framework is competitive by regional standards: a flat 10% personal income tax, an 8% corporate profits tax for ordinary Turkmen entities, and a 15% VAT.

• Tax (fiscal) year — Calendar year, 1 January to 31 December (Tax Code of Turkmenistan)
• Currency — Turkmen manat (TMT) (Central Bank of Turkmenistan)
• Tax authority — Main State Tax Service of Turkmenistan (State Tax Service) (Tax Code of Turkmenistan)
• Basis of taxation — Residents are taxed on worldwide income; non-residents are taxed on Turkmenistan-source income only (Tax Code of Turkmenistan)
• Headline personal income tax rate — 10% percent (flat) (Tax Code of Turkmenistan)
• Headline corporate profits tax rate (ordinary Turkmen entities) — 8% percent (Tax Code of Turkmenistan)
• Corporate profits tax rate (state-owned >50% and foreign legal entities/branches) — 20% percent (Tax Code of Turkmenistan)
• Value-added tax — Yes — VAT applies at a standard rate of 15% percent (Tax Code of Turkmenistan)
• Annual tax declaration deadline (individuals and entities) — On or about 31 March following the end of the tax year ((approx — confirm)) (Tax Code of Turkmenistan)
• Double tax treaty network — Approximately 30 double taxation treaties in force ((approx — confirm)) (Tax Code of Turkmenistan)
• Exchange controls — Yes — currency exchange controls apply (Law of Turkmenistan on Currency Regulation)