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Ashgabat, Turkmenistan
- Company formation
- Turkmenistan
- Accounting services
Accounting and tax returns
Accounting services in Turkmenistan
Hand the bookkeeping and the tax returns of your branch or company to our accountant in Ashgabat, for a fixed monthly fee. The books are kept in Turkmen, and the monthly and quarterly returns are filed for you.
At a glance
Bookkeeping and tax returns in Ashgabat
Sovera keeps the books and files the tax returns of branches and companies in Turkmenistan from USD 140 a month. Our accountant in Ashgabat works in Turkmen, under the national standards, and files the monthly and quarterly returns. A licensed Turkmen audit firm carries out the yearly audit.
- USD 140a month for a branch or company that is not trading yet
- USD 300a month for up to 20 transactions
- MonthlyVAT return, by the 20th of the month after
- Quarterlyprofit tax return with financial statements
- A business may hand its bookkeeping to a specialised accounting firm under a contract (Law on Accounting and Financial Reporting, article 11). The contract is signed by Sovera Global (Turkmenistan). The duty to file stays with the business.
- Not registered yet? Start with company registration in Turkmenistan or branch registration in Turkmenistan.
- Sovera is not an audit firm. A licensed Turkmen audit firm signs the audit report. See who must be audited.
Plans and prices
Bookkeeping services in Turkmenistan
Each plan is bookkeeping plus tax returns, priced by the number of transactions in the month.
No transactions in the month
Dormant
For a branch or company that is registered but not trading yet.
USD 140 a month
BookkeepingUSD 60
Tax returnsUSD 80
Get a quoteUp to 20 transactions a month
Active
For a branch or company that has started to trade.
USD 300 a month
BookkeepingUSD 180
Tax returnsUSD 120
Get a quote21 to 60 transactions a month
Growing
For a business with regular sales and suppliers.
USD 600 a month
BookkeepingUSD 380
Tax returnsUSD 220
Get a quote
Every plan includes
- Books kept under Turkmenistan’s national accounting standards
- Records in Turkmen, as the law requires
- The VAT return every month, if VAT applies to you
- A profit tax return and financial statements every quarter
Add when you need it
- Annual return and accountsThe annual profit tax return and the financial statements for the year. USD 1,000 for 21 to 60 transactions a month.From USD 650 a year
- Audit supportWe arrange the audit with a licensed Turkmen audit firm, prepare the papers it asks for and answer its questions until the opinion is signed. The audit firm signs the report, not us. The audit firm charges its own fee, which is not included.USD 850
- IFRS statements or conversionFor a parent company that reports under IFRS. Quoted separately, by the size of the books.USD 500 to USD 1,500
- Accounting system set-upDone once, when we take on the books.USD 150
- PayrollFor the first employee, then USD 20 a month for each one after. See payroll services in Turkmenistan.USD 40 a month
- Clearances and filingsA tax clearance, an electronic signature, a licence or permit filing, or a beneficial owner filing. The state fee is added.USD 75 to USD 150 each
Pay for a year of accounting in advance and the fee is 10% lower. If a month runs over the number of transactions in your plan, the next plan applies for that month. Above 60 transactions a month we quote separately. A transaction is one entry on a bank or cash statement. We charge state fees at cost, on top of our fee.
What is filed
Tax returns and reports a business files in Turkmenistan
A branch and a company file the same reports.
Rates in the tax guide
| Report | How often | Deadline |
|---|---|---|
| VAT return | Every month | By the 20th of the month after. The tax is paid by the 25th |
| Profit tax advance payment | Every month | By the 25th |
| Pension insurance report | Every month | By the 20th |
| Report on tax withheld from non-residents | After a month in which income was paid | By the 20th of the month after (Tax Code, article 180) |
| Profit tax return with financial statements | Every quarter | On the date set for the financial statements |
| Property tax return | Every quarter | By the 20th of the month after the quarter (Tax Code, article 145) |
| Annual financial statements | Once a year | On the date the Ministry of Finance and Economy sets |
| Audit opinion, where an audit is required | Once a year | With the annual financial statements |
What falls due in a year
The table, counted over a year: every month is 12, every quarter is 4.
- VAT returnEvery month, if VAT applies to you12 a year
- Profit tax advance paymentEvery month12 a year
- Pension insurance reportEvery month, if there are employees12 a year
- Profit tax returnEvery quarter, with financial statements4 a year
- Property tax returnEvery quarter4 a year
- Annual financial statementsOnce a year1 a year
- Audit opinionOnce a year, where an audit is required1 a year
The report on tax withheld from non-residents is not counted. It is filed after a month in which income was paid.
What the law asks of every business
- Turkmenis the language of the books and the financial statements
- Manatis the currency of account. Foreign currency is restated
- Yearlystatements for the calendar year, with interim ones for a quarter or a half-year
- IFRSis the base of the national standards the Ministry approves
- 0.03%a day is the interest on a tax payment that is late
- 5 yearsis how far back the tax office can apply sanctions
- The Ministry of Finance and Economy sets the dates for financial statements (Law on Accounting and Financial Reporting, article 19), and the profit tax return follows them (Tax Code, article 176). Under the dates reported in January 2026, quarterly statements are due by the 25th of the month after the quarter and annual statements by 25 January.
- Privately owned Turkmen firms are outside VAT: the Tax Code calls them legal entities in private ownership (article 95). A branch and a company with a foreign shareholder are not in that group and pay VAT.
- This table gives dates only. The rates are in the Turkmenistan tax guide. Sources: the Law on Accounting and Financial Reporting, articles 7, 8, 18 and 21, and the Tax Code, articles 70 and 88. Checked on 9 October 2026.
How it works
How the accounting runs each month
You send documents and approve figures. We do the rest from Ashgabat.
The month, step by step
- 1
You send the month’s papers
Bank statements, invoices, contracts and payroll changes, as scans or photographs.
- 2
We keep the books
Our accountant in Ashgabat enters every transaction in Turkmen and in manat, each one backed by its document.
- 3
We work out the taxes
VAT, the profit tax advance, tax to withhold on payments abroad and the charges on profit. You see the figures before anything is filed.
- 4
We file the returns
In the form your tax office accepts: on paper or as an electronic document (Tax Code, article 30).
- 5
You pay the tax
We tell you what to pay and by when. Tax is paid from the bank account of your branch or company.
- 6
We close the quarter and the year
Financial statements and the profit tax return go in each quarter. After the year end we prepare the annual statements and get the books ready for the audit firm.
What we need from you
- Statements for every bank account, in manat and in foreign currency
- Invoices you issued and signed acceptance certificates for work
- Invoices from suppliers and the contracts behind them
- Customs declarations for imports and exports
- Cash receipts and payments
- Hires, leavers and changes in pay
- Contracts with companies abroad, so that we can check withholding
- Papers for new equipment and other fixed assets
Every transaction needs a document made when it happens, or straight after (Law on Accounting and Financial Reporting, article 6). A payment with no paper behind it cannot be booked.
What it costs
- Monthly plan
- From USD 140Bookkeeping and tax returns, by the number of transactions
- Annual return
- From USD 650A year, with the accounts
- Set-up
- USD 150Once, when we take on the books
- The head of the branch or company decides who may sign accounting documents, and those people sign the financial statements (Law on Accounting and Financial Reporting, articles 12 and 16).
- Each month you get a short report in English or Russian: what was booked, what was filed and what is due.
Audit support
Audit support in Turkmenistan
Sovera is not an audit firm and does not sign audit reports. We prepare the accounts, arrange the audit with a licensed Turkmen audit firm and answer its questions.
- 01
Who needs an audit
Every branch and representative office of a foreign company and every company with foreign investment, every year. A joint stock company or LLC with no foreign investment needs one from a yearly income of TMT 1,000,000.
- 02
Why it cannot be us
An audit firm may not audit a business whose books it kept, or whose statements it prepared, in the previous five years (Law on Audit Activity, article 20). The bookkeeper and the audit firm have to be different firms.
- 03
What we do
We close the year, prepare the financial statements and the papers the audit firm asks for, and answer questions until the opinion is signed.
Who it is for
When a business needs an accounting firm in Turkmenistan
These are the six cases we handle most.
Ashgabat- 01
A new branch
The books start on the day of registration, not on the day of the first contract. A branch pays 20% profit tax and files every quarter. See the Turkmenistan tax guide.
- 02
A company with a local shareholder
When the company pays a dividend, interest, a royalty or a fee for services performed in Turkmenistan to a non-resident, it withholds 15% and reports it. A company that withholds the tax and does not pay it over faces a sanction of 40% of the amount (Tax Code, article 90). See profit repatriation from Turkmenistan.
- 03
A representative office
It may not trade, so there is no income to tax. It still keeps books, reports on its staff and is audited every year.
- 04
A business that is not trading yet
Books are kept from registration until liquidation, with or without activity (Law on Accounting and Financial Reporting, article 11). The Dormant plan covers the monthly and quarterly returns. The annual return and accounts are charged separately.
- 05
Taking over from another accountant
We need the books to date, the returns already filed, the bank statements and the payroll records. We read the last filed quarter first, so that you know about any gap before the next return goes in.
- 06
Books that are behind
Late returns and late payments cost more each month. Catch-up work on earlier periods is quoted separately.
Turkmenistan
More on setting up in Turkmenistan
Company registrationThe four structures compared, with cost and time.Learn more 
Payroll and hiringSalaries, income tax, pension insurance and hiring paperwork.Learn more 
Branch registrationA branch or representative office of the company you already have.Learn more 
Visas and work permitsInvitation letters, visas and work permits for foreign staff.Learn more
- Guide / TaxTurkmenistan tax guide 2026Profit tax, VAT, withholding and the filing dates.Read the guide
- Guide / AuditWho must be auditedWhich companies need a statutory audit, and who may sign it.Read the guide
- Guide / CurrencySending profit abroadCurrency conversion, dividends and what the tax takes.Read the guide
Questions
Questions about accounting in Turkmenistan
Short answers to what finance teams ask before they hand over the books.
Ask our accountantHow much do accounting services cost in Turkmenistan?
With Sovera, bookkeeping and tax returns together cost USD 140 a month for a branch or company with no transactions, USD 300 a month for up to 20 transactions and USD 600 a month for 21 to 60. The annual profit tax return and financial statements cost from USD 650 a year. Pay for a year in advance and the fee is 10% lower.
What do bookkeeping services in Turkmenistan include?
Entering every transaction from your bank statements, invoices and contracts, in Turkmen and in manat, under Turkmenistan’s national standards, which are based on IFRS. From those books our accountant prepares the VAT return each month and the profit tax return and financial statements each quarter.
What tax returns does a company file in Turkmenistan?
A VAT return every month, by the 20th. A profit tax return and financial statements every quarter, with profit tax paid in advance by the 25th of each month. A pension insurance report every month, by the 20th, if there are employees. Annual financial statements after the year end, on the date the Ministry of Finance and Economy sets.
Can a foreign company outsource its accounting in Turkmenistan?
Yes. Article 11 of the Law on Accounting and Financial Reporting lets a business keep its own accounts department, have its head keep the books, or hand them under a contract to a specialised accounting firm, an audit firm or an accountant. The duty to file stays with the business.
Does a dormant branch or company still file returns?
Yes. Books are kept from the day of registration until liquidation. Only budget-funded organisations are excused from the profit tax return when there is nothing to tax (Tax Code, article 176). Our Dormant plan covers the monthly and quarterly returns for USD 140 a month. The annual return and accounts are charged separately, from USD 650 a year.
What happens if a tax return is late in Turkmenistan?
A late payment carries interest of 0.03% of the unpaid tax for each day (Tax Code, article 70). A return that is more than 90 days late is treated as understated tax, and the sanction is 40% of the tax left unpaid (article 89).
Can tax returns be filed online in Turkmenistan?
The Tax Code allows a return to be filed in person, by post or, by agreement with the tax office, as an electronic document (article 30). The Tax Department of the Ministry of Finance and Economy runs an online service, Elektron salgyt, with an account for legal entities.
Does Sovera carry out audits?
No. Sovera is not an audit firm. A mandatory audit in Turkmenistan is carried out only by an audit firm licensed by the Ministry of Finance and Economy, and the law bars a firm from auditing books it kept itself. We prepare the accounts, arrange the audit with a licensed Turkmen audit firm and answer its questions. The audit firm signs the report.
Do I need a tax consultant in Turkmenistan?
For day-to-day questions your accountant is the tax consultant: which rate applies, when to withhold tax on a payment abroad, how a contract is treated for VAT. Sovera is not a law firm, so a dispute with the tax office or a formal legal opinion goes to a lawyer. We introduce one in Ashgabat.
Contact
Get a fixed monthly fee for your books
Tell us what you have registered and how many transactions you expect. You get one price in writing, in English or Russian.
- Kuliyev St 2127, Ashgabat 744000, Turkmenistan
- +993 62 99 78 66
- Monday to Friday, 9 am to 6 pm