Turkmenistan Working on Updating Its Tax Legislation

Turkmen Government officials and parliament members during the online cabinet meeting on Thursday briefed the President of Turkmenistan Serdar Berdimuhamedov on the activities to improve legislation regarding tax policy.
Gulshat Mammedova, Chairwoman of the Mejlis Chamber of Turkmen bicameral parliament Milli Gengesh, and Kasymguly Babayev, the Deputy Chairman of the parliament’s Halk Maslahaty chamber, said in cooperation with the experts of the country’s economic and financial complex the work is underway to improve the tax code, the customs code, the laws on investments, on enterprises, on joint stock companies, on leasing and on entrepreneurial activity. Muhammetguly Muhammedov, the Deputy Chairman of Turkmen Government in charge of economic and financial issues, briefed the Head of State on the implementation of his instruction, given during the cabinet meeting last Friday, to update the national tax system in line with the realities of the time and introduce amendments and additions to the tax code, the country’s official media reports.
Muhammedov presented a number of proposals to this end that were prepared as a results of the analytical work of the Ministry of Finance and Economy, carried out in cooperation with the relevant ministries and sectoral departments.
Following the Vice-Premier’s report, President Berdimuhamedov said the effectiveness of the national tax policy largely determines the stability of the economy and creates additional opportunities to improve the living standards of citizens.
Highlighting that one of the primary tasks is to improve the relevant legislation and modernizing the tax system, the Head of State instructed the Vice-Premier to reexamine the articles of the tax code, coordinate with relevant agencies the amendments and additions and submit them to the Cabinet of Ministers after they are fully completed.
The government meeting also considered other issues, and adopted a number of documents and necessary decisions aimed at the development of the industries.
Business Turkmenistan