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6.1. Main Rules Governing the Determination of Taxable Income

Taxable income is determined by adjusting the accounting / financial income for non-tax deductions, exemptions, etc. Companies (excluding petroleum companies) are required to compute taxable income on the basis of financial statements prepared according to the National Accounting Standards of Turkmenistan, which is in line with the International Financial Reporting Standards.

Contractors and sub-contractors operating under Petroleum Laws are required to maintain the accounting and financial statements in accordance with the international practice used for petroleum operations and specific provisions of the relevant agreement.