Turkmenistan Tax Tables 2024 - Tax Rates and Thresholds in Turkmenistan

This page contains the tax table information used for the calculation of tax and payroll deductions in Turkmenistan in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ TM, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Turkmenistan or would like to add to or suggest amendments to the information herein then please contact us.

Turkmenistan Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Turkmenistan are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Turkmenistan Tax Calculator 2024.

In Turkmenistan, social security deductions made by employees are typically considered deductible for the purpose of calculating taxable income. This means that the amounts contributed by employees towards the social security system can be subtracted from their gross income before income tax is calculated, thereby reducing their taxable income and, consequently, their overall tax liability. This practice is common in many countries as it encourages participation in the social security system while providing a tax benefit to the employees.

Turkmenistan Social Security and Payroll Deduction Rates in 2024

In Turkmenistan, the social security and payroll deduction system is an integral part of the country's welfare system, designed to provide various benefits to workers and their families. This system is funded through contributions from both employees and employers, covering a range of social security benefits including pensions, healthcare, maternity benefits, and support in case of disability or loss of the breadwinner. The contributions made by both parties ensure the functioning of the social welfare system, aiming to protect the well-being of the workforce and provide financial security in various circumstances.

The social security system in Turkmenistan encompasses a comprehensive range of benefits aimed at ensuring the welfare of employees and their families. This system is supported by mandatory contributions from both employers and employees, covering several key areas of social welfare.

Pension Contributions

Pension contributions are a crucial element of the social security system, designed to provide financial support to individuals upon retirement. These contributions fund the state pension system, ensuring that retirees receive a steady income to support themselves after leaving the workforce.

Healthcare Contributions

Healthcare contributions finance the public healthcare system, providing employees and their families access to medical services. This includes preventive care, treatment of illnesses, and hospitalization, aiming to ensure the health and well-being of the population.

Maternity and Family Benefits

Contributions also fund maternity and family benefits, supporting parents around the birth of a child. These benefits include maternity leave payments and allowances for childcare, helping families to manage the financial impact of expanding their family.

Disability and Survivor's Benefits

The social security system provides for individuals unable to work due to disability, as well as families who have lost their primary breadwinner. Contributions fund disability pensions and survivor benefits, offering financial support to those affected by these life-changing circumstances.

Unemployment Benefits

While Turkmenistan's social security system focuses on employment-based contributions, it also aims to address the needs of individuals who find themselves unemployed. Unemployment benefits are designed to provide temporary financial support to those actively seeking new employment opportunities.

Challenges and Future Directions

The social security and payroll deduction system in Turkmenistan faces challenges related to sustainability and coverage. Efforts are underway to reform the system, aiming to enhance its efficiency, expand coverage, and ensure long-term sustainability. The government is exploring options to diversify funding mechanisms and improve the delivery of social security benefits.

The social security system in Turkmenistan plays a vital role in the country's social welfare framework, providing essential support to workers and their families across a range of circumstances. As the country continues to develop, reforms and enhancements to the system are expected to further improve the well-being and financial security of the Turkmen population.

Turkmenistan VAT Rates in 2024

VAT rates for Turkmenistan are reviewed annually, you can use the VAT Calculator to calculate VAT due in Turkmenistan or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Turkmenistan

The following tax tables are supported by iCalculator™ TM as part of the suite of free tax tools we provide for Turkmenistan.