The next issue of the quarterly information-analytical magazine “Tax system of Turkmenistan” (the periodical approved by the presidential Resolution) is released in the Turkmen, Russian and English languages. The Mejlis of Turkmenistan together with the ministries and sectoral departments carries out active work on the comprehensive renovation of the legislative acts, as well as on bringing them into line with the present-day requirements and realities. The Law of Turkmenistan “On introducing the amendments and addenda to the Tax Code of Turkmenistan” adopted in May of the current year during the national parliament’s eighth session of the fifth convocation was yet another practical step in this area. The new issue begins with the within-said codified legislative act that specifies the principles of law in the field of taxation. Thus, some articles of the Tax Code are put down in a new version, or supplemented with new paragraphs. In particular, the amendments deal with the provisions concerning the sequence of discharging tax-payment liabilities (Article 44), and the financial sanctions for violating the procedure of accepting the taxpayers’ tax proceeds (Article 94). According to the above-stated Law, Part 1 of Article 129 on the natural minerals tax was also revised; the amendments have also been introduced to Article 172, Part I, Paragraph 2 - on the income tax rate, and to Article 174, Part 2 - on defining the income tax rate for legal entities. Created on the initiative of President Gurbanguly Berdymuhamedov on the ecologically clean Caspian Sea coast, the international-class resort is a primary example of the fundamentally new and complex approach to solution of the assigned tasks on unleashing the country’s enormous natural and economic potential, including through intensive inflow of foreign investments. Business circles of different countries show their strong interest in taking part in the implementation of this large-scale project. The clearest evidence of it is the proposals on investing in the sanatoria-resorts infrastructure of the Turkmen seaside area. It should be noted that from the very beginning, a special legal regime has been operating in “Avaza”. A number of essential economic incentives are given to the legal entities and individuals doing business in Avaza. One of the articles – “State guarantees to the “Avaza” National Tourist Zone development” – deals with this issue. The material gives an extensive coverage of the Tax Code’s provisions on determining tax incentives on the property, income and value-added taxes established for the entities in the “Avaza” National Tourist Zone. The issue also interprets the amendments and addenda introduced in this legislative act in order to attract foreign investments. First of all, it deals with the Article on imposing taxes on the legal entities (non-residents of Turkmenistan) collecting revenues from the sources in our country. Explanations of the Main State Tax Service of Turkmenistan and the relevant ministries on various taxation-related issues are provided in the traditional column “Comments”. Thus, one of the materials deals with the issue of taxpayers’ liabilities (the foreign legal entities in particular) that have registered their branch and representations offices in Turkmenistan, as well as with the procedure of their registration. Another article of this section is devoted to the issue of applying the Tax Code’s provisions in relation to the exchange rate while making foreign exchange transactions. This theme is treated in the light of the provisions of the Double Taxation Elimination Agreement. In this regard, worth of noting is the material about application of the Tax Code’s some articles to the persons who act as subcontractors in accordance with the Law of Turkmenistan “On hydrocarbon resources”. The readers are also offered the Tax Code’s review on the taxation procedure of physical persons - individual entrepreneurs. It should be noted also that the edition contains an article about application of the codified legislative act’s separate provisions by legal successors of the reorganized enterprises. Explanations for this question are given in the context of the relevant positions of the Law of Turkmenistan “On enterprises”. The edition is concluded with the column “Questions-answers”, which allows the readers to receive comprehensive answers to various questions, for example: a value-added tax - is it withheld or not when making contract with a customer for production and delivery of the concrete products to a building site during construction of the health-protection objects; whether taxes are imposed on the proceeds obtained from the sale of agricultural crops produced on the homestead land plots or on in the private farm; as well as about the incomes not included in the tax base; etc. In general, all articles of the information-analytical edition are of great interest for wide readership, including taxpayers - legal entities and individuals, as well as auditors, employees of the country’s tax agencies, and students of the relevant educational institutions. Now, the preparation of the magazine’s next issue is under way that will contain the List of Activity Categories which are subject to the simplified taxation system and fixed patent fees applicable to the individual entrepreneurs. The document was approved in the running year’s June 27 by the Resolution of President Gurbanguly Berdymuhamedov “On improving the simplified taxation system applicable to individual entrepreneurs”, and which came into effect as of July 1 of the running year.