LAW OF TURKMENISTAN

of October 25, 2004 No. 245-II

"About approval and enforcement of the Tax code of Turkmenistan"

Article 1. Approve the Tax code of Turkmenistan.

Article 2. Enact the Tax code of Turkmenistan with 1 Sandzhar 2004.

Article 3. Recognize invalid:

The law of Turkmenistan "About the value added tax" (Sheets of Majlis of Turkmenistan, 1993, No. 9-10, of the Art. 91);

The law of Turkmenistan "About the income tax", (Sheets of Majlis of Turkmenistan, 1993, No. 9-10, of the Art. 92);

The law of Turkmenistan "About tax on transactions with securities", (Sheets of Majlis of Turkmenistan, 1993, No. 11-12, of the Art. 109).

Article 4. The laws and other operating regulatory legal acts which did not enter the list of acts, invalid the stipulated in Clause 3 presents of the Law, are effective in the part which is not contradicting the Tax code of Turkmenistan.

The regulatory legal acts of the President of Turkmenistan published before enforcement of the Tax code of Turkmenistan concerning provision of tax benefits to separate legal entities and physical persons keep the force.

The privileges provided before enforcement of the Tax code of Turkmenistan for the legal entities and physical persons performing the activities in the economic free enterprise zone keep the force before the termination of term of their action.

Article 5. Operation of the Tax Code of Turkmenistan extends to the tax legal relationship arising after its introduction in force.

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