Turkmenistan has raised excise rates on tobacco products, as well as on other manufactured tobacco and industrial tobacco substitutes.
Changes to the excise rates were made in accordance with the Law of Turkmenistan “On Making Addenda and Amendments to the Tax Code of Turkmenistan”, signed by President Serdar Berdimuhamedov on July 24 this year. The law came into force from the moment it was published in the official Turkmen press on Friday.
According to the amendments, the excise rate on tobacco products has increased to make up 93% of the customs value and up to $4 per pack.
Previously, the excise rate on tobacco products was 74% of the customs value and $3 per pack.
The excise rate on other manufactured tobacco and industrial tobacco substitutes increased from 15.6% to 19.5%.
The laws of Turkmenistan amending this Code, which establish new or change existing taxes, come into force after one month from the date of their official publication, but not earlier than the 1st day of the month following the end of the next reporting period for the relevant tax period.
The Tax Code of Turkmenistan establishes the system of taxes levied to the State Budget of Turkmenistan, the general principles of taxation, the grounds for the emergence (change, termination) and the procedure for fulfilling obligations to pay taxes, the rights and obligations of taxpayers, tax authorities, forms and methods of tax control, liability for violation of tax legislation of Turkmenistan, appeal against decisions of tax authorities and actions of their officials.
Source: business.com.tm
