The private sector in Turkmenistan has reached 29,000 companies and entrepreneurs thanks to a system of tax preferences. This was announced by Tachmyrat Gurdov, a board member of the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET), during his speech at the international conference "CIET-2024".
The state has completely exempted agricultural producers from taxes, abolished VAT for individuals, and set a turnover tax of only 2% for small and medium-sized businesses. Large enterprises pay an 8% profit tax.
Among the largest private projects is the construction of the Ashgabat-Turkmenabat highway for $2.3 billion, of which 312 km out of the planned 600 km have already been completed.
1,500 private industrial companies produce building materials, plastic, furniture, car batteries, and household appliances. In 2023, private developers completed the new "smart city" of Arkadag with 340 buildings equipped with digital systems.
To support businesses, Turkmenistan provides unsecured loans for infrastructure projects. Future plans include the creation of new industrial zones near Ashgabat and in the Mary region.
