The private sector of Turkmenistan has reached 29 000 companies and entrepreneurs thanks to the system of tax preferences. This was announced during a speech at the international conference “CIET-2024” by Tachmyrat Gurdov, a member of the board of the Union of Industrialists and Entrepreneurs of Turkmenistan.
The state has completely exempted agricultural producers from taxes, abolished VAT for individuals and set a tax of only 2% of turnover for small and medium businesses. Large enterprises pay 8% of profit tax.
Among the largest private projects is the construction of the Ashgabat-Turkmenabat highway for 2,3 billion USD, of which 312 km of the planned 600 km have already been commissioned.
1500 private industrial companies produce building materials, plastic, furniture, car batteries and household appliances. In 2023, private developers completed the new “smart city” Arkadag with 340 buildings equipped with digital systems.
To support business, Turkmenistan provides unsecured loans for infrastructure projects. The immediate plans include the creation of new industrial zones near Ashgabat and in the Mary velayat.
