Presidential decree of Turkmenistan

of November 23, 2001

About streamlining of the taxation and application of financial sanctions

For the purpose of improvement of financial condition of the companies, organizations and organizations, and also the citizens who are engaged in business activity in the 21st century - the Golden Age of the Turkmen people, further stimulation of economic activity of subjects and streamlining of application of financial sanctions against them for violations of tax and other legislation I decide:

1. Cancel application to legal entities and physical persons of the following financial sanctions:

10 percent of the receivable amounts of taxes or other obligatory payments in the budget from the companies for lack of financial accounting, reports and balances or conducting this accounting and the reporting with violation of established procedure, and also from citizens for lack of accounting of the income, taxable, and the expenses connected with receipt of this income;

10 percent of the receivable amounts of taxes or other obligatory payments in the budget for non-presentation or untimely submission of the accounting reports and balances, tax reports, calculations, declarations and other documents necessary for calculation of taxes and other obligatory payments;

10 percent of the receivable amounts of taxes or other obligatory payments in the budget, and also the amounts of the sanctions imposed by tax authorities on the companies for non-presentation or untimely submission of payment documents to organizations of banks on payment of these payments;

40 percent of the receivable amounts of taxes or other obligatory payments in the budget and in off-budget funds for accounting year for lack of audit opinions because of business entities;

The 50-fold size from the average level of the salary established across Turkmenistan to legal entities for the facts of carrying out cash cash transactions without use of electronic control cash registers;

100 percent from the amount of the fund of accumulating used not for purpose by the state companies and the organizations;

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