Regular issue of “Tax System of Turkmenistan” magazine introduce topical news and analyses in financial and tax spheres

During extended session of the Cabinet of Ministers held on April 5 and dedicated to the outcomes of social and economic development of Turkmenistan for the first quarter of the year, President Gurbanguly Berdimuhamedov outlined objectives for further reformation of economic system of the country, modernization of production sphere, development of market relations, support of private sector and attraction of domestic entrepreneurs to realization of innovative projects in industry.

The Head of the State focused on the situation in the world, which remains complicated. The Leader of the Nation highlighted that our main objective today is to develop intensively the branches of economy, which are not related to oil and gas sphere. It is important to provide the stability of financial system, investment activity, sustainability and purchasing power of national currency as well as increase reserve currency funds and enhance credit activity of the banks.

The Leader of the Nation noted that efficient market economy could not exist without well-established, clear tax system that meets the requirements of development of social production as the main purpose of the taxes is a regulating one. This is mainly about financial and economic methods of the state influence on the interests of consumers, producers, employers for orienting their activity to necessary and socially beneficial course.

Explanation of the provisions and innovations, formation of accountable civic position in relation to timely and complete tax payment, development of tax culture and improvement of tax awareness of the population are the main mission of professional magazine published by the State Tax Service of Turkmenistan. The magazine assists analysts and experts to understand in details the components of economic potential of our country, reveal prepositions and the phenomenon of its strong and rapid progress.

New Tax System of Turkmenistan presents the publication On Procedure of filling tax declarations for calculation and payment of income tax by legal entities. It reveals special provisions of the Tax code for legal entities not residing in Turkmenistan but establishing one or several permanent representations on the territory of the country (construction site, installation or assembly facilities and other).

This topical subject is developed in different aspects in methodological materials On Regulations of the Tax Code of Turkmenistan on taxation of legal entities not residing in Turkmenistan but having income in our country and application of international agreements on elimination of double taxation and On Procedure of elimination of double taxation.

Another section of explanatory materials is related to improvement of tax regime of business environment. These are the articles On Calculation of Income tax of legal entities under excess of average staff number of small and medium enterprises for reported period and On fixed patent payment

Manipulating tax rates, benefits and penalties, changing the conditions of taxation by implementation and cancellation different taxes, the Government makes conditions for development of certain branches and productions and favours the solution of actual issues in society. There is favourable crediting to support the activities of domestic entrepreneurs what is under special attention of Leader of the Nation Gurbanguly Berdimuhamedov.

The tax policy of our country stipulates an increased control for compliance with tax legislation, implementation of measures for tax payments on one hand and is aimed at reduction of tax load and stimulation of investment activity of strategic branches of industry, at protection of interests and support of private entrepreneurs.

There are various useful information in Questions � Answers section, where experienced specialists explain special features of tax administration and application of tax legislation in different situations.

The financial and economic publication gives an opportunity to large audience to be aware of the last changes in tax system and receive qualified legal assistance.

Modern business-like style of Tax System of Turkmenistan magazine, published in Turkmen, English and Russian Languages, matches its informational and legal content.

Source: Turkmenistan: the Golden Age Online Newspaper