of March 18, 2002 No. 5585
About approval of the Regulations on structure of the costs included in cost of bank works and services
For the purpose of reliable determination of structure of the costs included in cost of bank works and services and establishment of procedure for forming of the financial results considered in case of the taxation of profit of banks of Turkmenistan, I decide:
1. Approve the enclosed Regulations on structure of the costs included in cost of bank works and services.
2. To Central Bank of Turkmenistan in coordination with the Ministry of Justice of Turkmenistan to make the additions and changes in the current legislation of Turkmenistan following from this resolution.
President of Turkmenistan Saparmurat Turkmenbashi
Approved by the resolution of the President of Turkmenistan of March 18, 2001 No. 5585
2. Taxable basis for payment of the income tax by banks by banks is the total amount of income gained by bank (including relating on financial results and considered in case of the taxation) reduced by the expense amounts, the banking services included in cost (including relating on financial results and considered in case of the taxation) provided by this Provision.
3. Banks are exempted from the tax discharge on value added in case of banking operations and to rendering all types of banking services, except the transactions connected with realization of fixed assets, other tangible and intangible assets of bank.
4. Develops the departmental regulations establishing privileges on payment of the income tax by banks and approves the Central bank of Turkmenistan.
5. Join in structure of the income of the banks considered when calculating taxable basis for the tax discharge on profit:
interest incomes on correspondent accounts, overdrafts of accounts of LORO and deposits;
the amounts drawn interest on all transactions with clients depending on demand for credit resources;
income from transactions on provision of bank guarantees, avals, guarantees, and also from other accepting transactions;
commission income by interbank calculations, including for rendering service in implementation of correspondence relations;
service fee, rendered by bank to clients for opening and maintaining their settlement, current, currency, loan and other accounts, issue (obtaining) of cash, and also for rendering information, consulting, expert and other services;
income on transactions with plastic cards, travel checks and other charges on them;
income gained by bank from carrying out factoring, forfaiting, confidential (trust) transactions;
income gained by bank on transactions with securities including transactions on their placement and management, and other transactions in the stock market. Difference between sales price and the price of acquisition of securities (except income gained by bank on transactions with the state treasury bills which are subject to incentivization);
income from carrying out transactions by bank with foreign currency, precious metals and stones, and also with other currency values, including sales charges on the transactions connected with purchase and sale of currency at the expense of own means of bank and at the request of clients.
income gained by bank in foreign currency is subject to the taxation together with income gained in manats. At the same time income gained in foreign currency is converted into manats at the Central Bank rate of Turkmenistan on receipt date of the income;
the payment received by banks from exporters of products for accomplishment of function of agents of currency exchange control; cash and the fixed assets, tangible and intangible assets (except constituent fees) gratuitously received by bank from legal entities and physical persons;
the amounts transferred to bank by clients on account of compensation of cable, post and other communication services;
the amounts which arrived from employees of bank in indemnification and expenses, the incurred banks on their fault;
on we will lend return of unused reserves on possible losses, to the transactions with securities and other assets created according to departmental regulations of the Central bank of Turkmenistan;
income on subordinated debt;
income gained on off-balance transactions;
surplus of cash desk of bank;
the realized and unrealized positive exchange differences on transactions of bank in foreign currency, with securities and precious metals and stones in compliance departmental regulations of the Central bank of Turkmenistan;
income gained from customs posts on pension payment and benefits to the population;
income from sale of other assets;
the other incomes included by bank in leviable profit according to departmental regulatory legal acts of the Central bank of Turkmenistan.
Treat the expenses included in cost of the services rendered by banks, and other expenses considered when calculating taxable basis for the tax discharge on profit:
the amounts which are payable bank in the Government budget in type of tax on property, land tax from the nonagricultural companies of non-state pattern of ownership, the local taxes and charges, excises;
obligatory assignments of bank on the national social insurance of citizens of Turkmenistan with whom the employment contracts or other agreements of civil nature connected with execution of labor obligations are signed;
payments on compulsory insurance of property, the credits and various risks of bank, and also separate employee categories of bank according to the legislation of Turkmenistan;
paid interests on on-demand deposits (settlement, current, correspondent and other accounts) and term deposits (deposits), including on overdrafts of accounts of NOSTRO and others of the overdraft;
paid interests on debt obligations of bank (to bonds, deposit and savings certificates, bills of exchange and others), including the amounts of negative difference (discount) between sales price of the specified debt securities and their nominal value;
paid interests on interbank credits, including the purpose-oriented centralized loans and the overdraft, on the redistributed resources between head bank and its branches, and also between branches of one bank;
paid interests on refinance credits, including the credits acquired on auction basis according to the procedure, established by the Central bank of Turkmenistan;
paid interests on the delayed (prolonged) in accordance with the established procedure interbank credits, and also on the credits delayed according to the decision of the Government of Turkmenistan;
the sales charges paid by bank for services and correspondence relations, including expenses on settlement cash customer service and other similar expenses;
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