Turkmenistan cancels export taxes on domestic products
RIA Novosti reported on April 16 that Turkmenistan President Gurbanguly Berdimukhamedov signed a decree at the recently held government work conference. Starting from May 1, 2016, Turkmenistan’s exporters of domestic products will be banned. Merchants remove certain restrictions and grant concessions. The document stipulates that non-state-owned legal entities and private business owners engaged in the export of Turkmen products are exempted from the procedures for registering foreign trade contracts at the Turkmenistan State Commodity and Raw Materials Exchange. Previously, all export operations in Turkmenistan could only be conducted through the National Commodity and Raw Materials Exchange. In addition, the decree also confirmed a list of export commodities that are exempt from customs duties and have no restrictions on export quantities. This move is mainly to stimulate the production of national products and improve competitiveness in the foreign market. Turkmenistan, which is rich in oil and gas resources, has been striving to reduce imports, produce import-substituting products, and expand exports of national products as world oil and gas prices have plummeted.
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