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Turkmenistan Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
5,411,012 (July 2018 est.)
GDP (PPP)
$103.7 billion (2017 est.)

Hydrocarbon exports make up 25% of Turkmenistan’s GDP

GDP growth rate
6.5% (2017 est.)

High, despite it is lower than previous years sky-high rates (before the decline of oil price)

GDP (PPP) per capita
$18,200 (2017 est.)

Low

Local currency
Turkmenistani manat (TMT)

Pegged to the USD (1$ = 3.50 TMT). Strongly depreciated in 2015

Financial stability (Public debt)
28.8% (2017 est.)

Low. However, it has grown sharply in the last years due to oil prices declining

Inflation
8.0% (2017 est.)

High

Language
Turkmen (official) (72%), Russian (12%), Uzbek (9%)

English is not widely spoken

Corruption perception index (Source: Transparency International)
Rank 161/180

Extremely high level of corruption

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
15% standard VAT rate
A zero-rate applies to exports of goods (except for oil and gas) and international transport services
Corporate Tax
20% standard corporate tax rate for branches of foreign legal entities
25% standard corporate tax rate for Turkmen legal entities (2% if small or medium enterprises)
Duties
Generally subject to 2% customs duty + customs clearance fee of 0.2%
There is a list of certain items that are subject to specific customs duty

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