Turkmenistan

Employment income

Under the Tax Code, the remuneration for work performed under an employment agreement (contract) and civil agreements, as well as directors' emoluments and other similar payments receivable by board members of a legal entity, is recognised as income from employment.

Business income

An individual taxpayer deriving income from entrepreneurial activities is generally taxed on profit from these activities, which is the difference between revenues from such activities and expenses related thereto.

Capital gains

Income derived from the sale of private property is exempt from taxation. Income derived from the sale of shares, bonds, participation rights, other securities is subject to PIT.

Dividend income

Dividends derived from resident companies are subject to a 10% final withholding tax (WHT). Foreign dividends are taxed on a self-assessment basis, at the same rate.

Interest income

Interest on bank deposits is exempt from tax, while other types of interest are generally taxed on a withholding basis. If the tax is not withheld at source, it is levied by assessment. In both cases, the rate is 10%.