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8.1.2. Other Taxes

The following table provides an overview of other taxes that may be imposed on a company doing business in the country.

Tax Type Rate(s) Notes
Capital Duty Nil There is no capital duty in Turkmenistan.
Payroll Tax 10% Employers are required to withhold and remit 10% personal income tax from the gross salaries of the employees and TMT 2 as special purpose duty for improvement of urban and rural territories on a monthly basis.
Social Security Employer Contribution 20% & 3.5% Employers are required to contribute to a pension insurance fund at the rate of 20% and 3.5% to obligatory professional pension insurance for employees working under hazardous conditions, on the basis of employees' remuneration.
Social Security Employee Contribution 2% Employees may voluntarily contribute to pension insurance fund at 2% of total remuneration, which is withheld by the employer.
Stamp Duty Varies State duties are imposed by the government on various legal transactions such as the issuance of documents or branch registration etc. However, there is no unified stamp tax/duty mechanism in Turkmenistan.
Transfer Tax Nil There is no transfer tax in Turkmenistan.
Property Tax (Real property) 1% Property tax is levied on legal entities at the rate of 1% of the average annual net book value of fixed assets held for business purpose and at 1% at the average annual value of tangible current assets used in business activities and located in Turkmenistan. Property tax is not applicable to contractors and sub-contractors under Petroleum Law.
Custom Duty 2% or 5% - 100% Customs duty is generally levied on import of goods at 2% of the customs value of goods. Certain items are subject to specific customs duty at rates ranging from 5% to 100% on ad valorem basis depending on the type of imported goods. There is also a customs clearance fee of 0.2% of the customs value of imported goods.
Excise Duty Varies depending on the type of product Excise duties are levied on domestically produced or imported goods such as alcoholic beverages, tobacco products, and automobiles. The rates vary depending on the type of the product. Examples include as from 1 January 2019: 55% on beer and 110% on other alcoholic beverages (in both cases with a minimum monetary threshold per liter).
Agriculture and Ashgabat City Development Fund Contribution 3% & 0.5% Companies (excluding contractors and sub-contractors of oil and gas companies) are required to contribute to Agriculture Development Fund at the rate of 3% of accounting income and Ashgabat City Development Fund at the rate of 0.5% of accounting income.