- Overview: Turkmenistan
- Global HR Compliance
- Global PEO and payroll
- Expand without a company set up
- Contractor vs. employee: which is better?
Global PEO and Payroll in Turkmenistan
Getting your business up-and-running in Turkmenistan can be challenging, especially if you do not speak the native language. Establishing your own business entity in Turkmenistan is an option to be considered as you expand abroad. But before you invest valuable resources in setting up business in Turkmenistan, you should be fully aware of the risks involved.
Acumen’s Global PEO and Payroll solution was designed especially for companies like yours, to smooth the way for quick, easy and risk-free business operations in Turkmenistan, without having to establish a legal business entity.
Acumen International – Your Professional Employer Organization in Turkmenistan
Navigating the Turkmen legal system and adhering to regulations governing employment and taxation can be challenging for businesses, especially if you are not a native Turkmen speaker. Partnering with Acumen International as a global Professional Employer organization (PEO) provides you with the local knowledge and support you need to conduct business in Turkmenistan without concern for legal and compliance risks.
Whether you represent international client companies or you are taking your own business operations abroad, Acumen International’s Global PEO and payroll service allows you to hire and payroll local and expat employees in Turkmenistan. With Acumen in your corner, you can quickly and easily onboard and compensate your employees without risk of legal repercussions.
International Global Payroll and Taxation in Turkmenistan
Employment related taxes
Personal Income tax (PIT). Personal income tax (PIT) is generally levied by withholding at source when the payment is made by withholding agents (i.e. resident legal entities, individual entrepreneurs, and permanent establishments [PEs] of non-resident legal entities). This does not apply to business income of individual entrepreneurs, who are required to apply the self-assessment procedure.
Residents. Residents are generally taxed in Turkmenistan on their worldwide income, including in-kind benefits such as meals, housing, relocation, etc.
Non-residents. Non-residents are taxed in Turkmenistan only on their income derived from Turkmenistan sources (e.g. from their activities performed in Turkmenistan).
Nontaxable payments. In order to increase the level of agricultural production the farmers are exempted form the VAT and partially from the tax on profit.
Social security contributions
Pension insurance payments. Employees may participate in a voluntary pension insurance, the minimum rate for which is established at 2% of total remuneration. Income paid to expatriate employees should not be subject to the pension insurance payments.
Payroll Cycle in Turkmenistan
The employee’s wages are paid at least every half month.
Ready to get started? Request a quote!
How Acumen’s International PEO and Payroll Service can Benefit Your Business in Turkmenistan
Compensating your local and expat workforce in Turkmenistan and closely adhering to Turkmen taxation requirements can divert your attention and resources from activities that help your business grow. A reliable global employment solution like Acumen’s Global PEO and Payroll service can take a substantial burden off your shoulders so you can focus on running your company.
Outsourcing the administrative and compliance tasks involved in employee payroll is one approach, but we have a better solution. Acumen International offers a global PEO and payroll solution that goes beyond outsourcing. We hire and compensate your global workforce on your behalf, and take care of all the details of payroll while ensuring full compliance with Turkmen labor and taxation laws.
It is important to note that Acumen does not provide international global payroll services as a standalone solution, but only as a part of our global PEO and Payroll solution.
Our comprehensive global PEO and payroll services are just some of the benefits of partnering with Acumen International. We make it easy for you to achieve your business goals in Turkmenistan by officially employing and compensating your best selected global talent – both locals and expats – without concerns for legal and compliance risks faced by global employers.
Disclaimer: Any of the above information is subject to changes imposed by Turkmen laws. To get the latest updates on taxation in Turkmenistan and in 190 countries worldwide, contact Acumen’s team of global employment experts.