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Turkmenistan Business Report
General information
Source: The World Factbook - Central Intelligence Agency
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 161/180Extremely high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
15% standard VAT rateA 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 entities25% 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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