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Benefits related to entrepreneurs increased in Turkmenistan

17:3930.03.2021
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Benefits related to entrepreneurs increased in Turkmenistan

Amendments and additions to the Law of Turkmenistan “On State Pension Insurance” came into force.

Thus, in Articles 6 and 7, an addition was made stating that self-employed persons with income also include individuals who receive income from sources located outside of Turkmenistan and from non-residents of Turkmenistan.

Moreover, Article 7 has been expanded with a new part, which states that if persons working in public organizations of people with disabilities, their enterprises and institutions and receiving a pension or state disability allowance, then they stop participating in compulsory pension insurance.

The number of benefits associated with insured individuals has increased. So, part 3 of Article 21 was recognized as invalidated due to the absence of the need for individuals to submit a declaration on pension contributions for themselves (tenants do not apply to this). In this regard, an amendment was also made to part 4 of Article 23 of the Law, according to which insured individuals, with the exception of tenants, pay pension contributions no later than the 15th day of the second month following the billing period.

The billing period for these policyholders is the period from January 1 to June 30 and from July 1 to December 31 of each year.

Pension contributions of insured tenants are paid simultaneously with the submission of declarations by farmers' associations to the local authority of the Pension Fund of Turkmenistan.

This Law can be found on the official website of the Ministry of Labor and Social Protection of the Population of Turkmenistan.

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