RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of March 18, 2002 No. 5585

About approval of the Regulations on structure of the costs included in cost of bank works and services

For the purpose of reliable determination of structure of the costs included in cost of bank works and services and establishment of procedure for forming of the financial results considered in case of the taxation of profit of banks of Turkmenistan, I decide:

1. Approve the enclosed Regulations on structure of the costs included in cost of bank works and services.

2. To Central Bank of Turkmenistan in coordination with the Ministry of Justice of Turkmenistan to make the additions and changes in the current legislation of Turkmenistan following from this resolution.

Approved by the resolution of the President of Turkmenistan of March 18, 2001 No. 5585

Regulations on structure of the costs included in cost of bank works and services

General provisions

1. This Provision is developed according to the Laws of Turkmenistan "About financial accounting", "About the Central bank of Turkmenistan", "About commercial banks and banking activity", "About the income tax", and other regulatory legal acts of Turkmenistan and establishes procedure for determination of taxable basis for payment of the income tax by banks, and also forming of the financial results considered in case of nalogooblozheniye of banks.

2. Taxable basis for payment of the income tax by banks by banks is the total amount of income gained by bank (including relating on financial results and considered in case of the taxation) reduced by the expense amounts, the banking services included in cost (including relating on financial results and considered in case of the taxation) provided by this Provision.

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