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TM Tax 2024

iCalculator™ TM: Turkmenistan Tax Calculators

Welcome to iCalculator™ TM, your comprehensive suite of free tax calculators for Turkmenistan. iCalculator™ has provided free tax calculators for Turkmenistan since 2019. Since those early days we have extended our resources for Turkmenistan to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Turkmenistan Tax Calculator and salary calculators within our Turkmenistan tax section are based on the latest tax rates published by the Tax Administration in Turkmenistan. In this dedicated Tax Portal for Turkmenistan you can access:

Turkmenistan Tax Calculator 2024/25

The Turkmenistan Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Turkmenistan. This includes calculations for

  1. Employees in Turkmenistan to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in Turkmenistan.
Turkmenistan Tax Calculator 2024
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Advanced Turkmenistan Salary Calculator 2024
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Discover Turkmenistan

Turkmenistan is a country located in Central Asia, known for its vast deserts and strategic geographic position. It shares its borders with several countries: to the northwest with Kazakhstan, to the north and northeast with Uzbekistan, to the southeast with Afghanistan, to the south with Iran, and to the west with the Caspian Sea, providing a vital link to European markets. Turkmenistan's rich history is deeply intertwined with the Silk Road, serving as a crucial trade route in ancient times. The country's culture is marked by its Turkic roots, with a significant influence from Islamic traditions, visible in its architecture, music, and social norms.

The landscape of Turkmenistan is predominantly desert, with the Karakum Desert covering much of the country. This geography has shaped a way of life that is deeply connected to the land, with nomadic traditions still influencing the Turkmen way of life. The people of Turkmenistan are known for their hospitality and rich cultural heritage, including traditional music, dance, and the art of carpet weaving, which has been recognized by UNESCO as an intangible cultural heritage of humanity.

Turkmenistan's economy is heavily reliant on its vast natural gas reserves, making it one of the world's top natural gas producers. The energy sector dominates the economy, with gas exports being a significant source of revenue. However, the economy faces challenges due to its dependence on this single commodity and the need for diversification. Efforts are being made to develop other sectors, including agriculture, textiles, and tourism, to reduce the economic reliance on natural gas.

Agriculture in Turkmenistan is another vital sector, with cotton being a major crop alongside wheat and silk. The government has initiated projects to improve irrigation and land use to boost agricultural productivity. The textile industry, particularly cotton processing, plays an important role in the country's industrial sector. Additionally, Turkmenistan's unique culture and landscapes, including the ancient city of Merv and the Darvaza Gas Crater, offer potential for tourism development.

The Turkmen economy faces challenges such as the need for economic diversification, improving transparency, and attracting foreign investment. The country's heavy reliance on natural gas exports makes it vulnerable to global energy price fluctuations. However, there are significant opportunities for growth in sectors such as renewable energy, tourism, and agriculture, which can contribute to a more diversified and sustainable economy.

Turkmenistan, with its strategic location in Central Asia, rich cultural heritage, and substantial natural resources, holds a unique position in the region. While challenges exist in terms of economic diversification and openness to global markets, the country's potential for growth and development in various sectors remains high. As Turkmenistan continues to navigate its path towards economic diversification, it stands to enhance its role on the international stage and improve the prosperity of its people.

Tax Overview of Turkmenistan

The taxation system in Turkmenistan is structured to support the country's economic policies and development goals. As a country rich in natural resources, particularly natural gas, the tax framework is designed to regulate the energy sector effectively while also encouraging investment in other areas of the economy. The tax system includes a variety of taxes aimed at both individuals and businesses, with efforts to maintain a balance between generating revenue for public expenditures and promoting economic growth.

Corporate Taxation

Businesses operating in Turkmenistan are subject to corporate tax, which is levied on the profits earned within the fiscal year. The tax system is designed to be competitive to attract foreign investment and encourage local entrepreneurship. Special tax regimes may apply to specific sectors, particularly those the government aims to develop, such as agriculture, manufacturing, and tourism, to stimulate growth and diversification in the economy.

Personal Income Tax

Individuals in Turkmenistan are liable for personal income tax on their earnings. The tax rate is structured to ensure fairness, with consideration for different income levels. By maintaining progressive tax rates, the system aims to distribute the tax burden more equitably among citizens, ensuring that those with higher incomes contribute more to public finances.

Value-Added Tax (VAT) and Excise Duties

Value-Added Tax (VAT) is applied to most goods and services in Turkmenistan, playing a crucial role in the tax system. VAT is intended to be a broad-based consumption tax, collected at each stage of the supply chain. Additionally, excise duties are levied on specific goods, such as tobacco and alcohol, to regulate consumption and generate additional revenue for public services.

Natural Resources Taxation

Given Turkmenistan's reliance on its natural gas reserves, taxes related to the extraction and export of natural resources are significant. These taxes are designed to ensure that the wealth generated from natural resources contributes to national development and benefits the population. The government has implemented measures to manage these resources sustainably while maximizing their economic potential.

Challenges and Reforms

The Turkmen government faces the challenge of diversifying its economy and reducing its dependence on natural gas revenues. Tax reforms are part of the strategy to achieve this goal, aimed at simplifying the tax code, improving tax administration, and encouraging investment in non-energy sectors. Efforts are also being made to enhance transparency and efficiency in tax collection, which are crucial for improving the business environment and attracting foreign investment.

For detailed insights into the taxation system in Turkmenistan, including the latest tax tools and tables, please visit our tax hub. This resource is designed to provide valuable information for understanding and navigating the complexities of Turkmenistan’s tax system.