Approved by the order of the Ministry of Economics and finance of Turkmenistan of March 23, 2006 No. 32 the order of the Main State Tax Service of Turkmenistan of March 23, 2006 No. 15-O

Methodical instructions for reference of deductions by the accounting (tax) period proceeding from the principle of uniform and pro rata forming of the income and expenses

I. General provisions

1. These Methodical instructions for reference of deductions by the accounting (tax) period proceeding from the principle of uniform and pro rata forming of the income and expenses (further - Methodical instructions), are developed according to requirements of part 1 of article 169 of the Tax Code of Turkmenistan and are applied to the purposes of calculation of the income tax (income) of legal entities.

Provisions of these Methodical instructions are applied only to the income from sales of goods (works, services) and expenses relating to them and do not belong to non-operating incomes, expenses and losses.

1.1 Provisions of these Methodical instructions are applied by income tax payers (income) of legal entities in case of accomplishment of long-term contracts by them, works with seasonal nature of activities and other established cases.

According to part 3 of article 168 of the Tax Code of Turkmenistan long-term contracts are understood as any contracts which are not complete within three months.

Treat works with seasonal nature of activities:

cotton conversion;

agricultural works, activities of the forestry and landscape organizations and nursery forests;

heat supply;

fishing trade and works on processing of fish;

other works with seasonal nature of activities.

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