ORDER OF THE MAIN STATE TAX SERVICE OF TURKMENISTAN

of April 4, 2007 No. 17-O

About approval of the Regulations on pledge of property and the guarantee, as methods of ensuring execution of the tax liability

For the purpose of execution by bodies of the State Tax Service of Turkmenistan of requirements of Articles 267 - 299, 931-945 Civil codes of Turkmenistan of Saparmurat Turkmenbasha, the Law of Turkmenistan "About pledge", Articles 47, of 55, 60 and 61 Tax codes of Turkmenistan on application to taxpayers (tax agents) of measures of ensuring discharge of duty for the tax discharge in the form of pledge of property and the guarantee, I order:

1. Approve Regulations on pledge of property and the guarantee as methods of ensuring execution of the tax liability it (is applied).

2. Control of execution of the Regulations on pledge of property and the guarantee, as methods of ensuring execution of the tax liability to assign to heads of the State Tax Services on welayats, the cities and etraps.

Approved by the Order of the Main State Tax Service of Turkmenistan of April 4, 2007 No. 17-O

Regulations on pledge of property and guarantee, as methods of ensuring execution of the tax liability

I. General provisions

1. Regulations on pledge of property and the guarantee as methods of ensuring execution of the tax liability (further - the Provision) it is developed according to requirements of Articles 267 - 299, 931 - 945 Civil code of Turkmenistan of Saparmurat Turkmenbasha, the Law of Turkmenistan "About pledge", Articles 47, 55, 60 and 61 Tax codes of Turkmenistan on application to taxpayers (tax agents) of measures of ensuring discharge of duty for the tax discharge in the form of pledge of property and the guarantee.

2. The provision extends to persons who are taxpayers or tax agents - physical persons and legal entities according to Article provisions 12, of 14, 17 and 19 Tax codes of Turkmenistan, and also to other persons to whom according to the current legislation of Turkmenistan measures of ensuring payment of other payments in the budget and the state funds can be applied.

3. Regarding the taxes which are subject to payment in connection with movement of goods through customs border of Turkmenistan, pledge of property and the guarantee as measures of ensuring their payment it is applied taking into account the features provided by the customs legislation of Turkmenistan.

II. Application of pledge of property or guarantee

4. According to Articles 47, of 55, 60 and 61 Tax codes of Turkmenistan, pledge of property and the guarantee are one of methods of ensuring tax payment, financial sanctions and penalty fee and are applied:

in case of appeal by the taxpayer (tax agent) of the tax amount determined by Tax Service (financial sanctions and penalty fee);

by provision to the taxpayer of delay or payment by installments on the tax discharge, financial sanctions and penalty fee (including the forthcoming payments);

in other cases established by the legislation of Turkmenistan.

5. According to article 47 of the Tax Code of Turkmenistan the Tax Service does not take the measures providing discharge of duty on the tax discharge, financial sanctions and penalty fee on the amount which is disputed.

At the same time the Tax Service has the right to demand from the taxpayer (tax agent) pledge of property (money) or the guarantee concerning the disputed tax amount and financial sanctions.

The specified right shall be used by Tax Service in cases when:

there are data testimonial of intentions of the taxpayer (tax agent) to evade from the taxation, or

the disputed tax amount exceeds 15 million manat - for physical persons and 37, of 5 million manat - for legal entities of non-state pattern of ownership.

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