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Free economic zones with a special taxation procedure will appear in Turkmenistan

17:2124.09.2022
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Free economic zones with a special taxation procedure will appear in Turkmenistan

Free economic zones with a special taxation procedure will appear in Turkmenistan in the coming years. This was stated by President Serdar Berdimuhamedov, making a keynote address at a meeting of the State Council, the “Neutral Turkmenistan” newspaper reports today.

“Guided by the experience of forming an effective and stable tax system, we will pursue a flexible tax policy as an important mechanism for maintaining the competitiveness of the country’s economy, as well as create favorable conditions for ensuring reliable exports of national goods and services and imports. In the coming years, free economic zones with a special taxation procedure and a secondary securities market will be organized, the activity of stock exchanges will be activated, which will expand the country’s financial markets,” Serdar Berdimuhamedov said.

In the near future, as the head of state said, there are also plans to significantly improve the national monetary system.

“In the next seven years, the activities of the financial market will be significantly modernized, the range of banking services will be increased. Besides, targeted measures will be taken to develop the securities and financial instruments market, expand the insurance system,” Serdar Berdimuhamedov said.

He also noted that in order to improve the social and living conditions of the population, it is planned to regularly increase the volume of preferential mortgage lending provided for the purchase of comfortable housing, and consumer lending, as well as improve banking and financial services.

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