Resource information
The present Law determines general legal and economic principles of the establishment and functioning of free economic zones, regulates the relations between the subjects of economic activity operating on the territory of a free economic zone. The Law aims at ensuring the development of the regional economic and scientific-technical potential with the involvement of foreign investors and subjects of economic activity from the private sector of economy. Legal entities and physical persons of Turkmenistan and other states operating on the territory of a free economic zone shall be exempt for three years from paying rent for land starting from the moment of signing a rent agreement. Upon expiration of the exemption period the rate of the rent payment for land shall be decreased: for enterprises with a foreign share in the statutory fund not less than 30 percent the rate shall be decreased by 50 percent; for physical persons and legal entities of Turkmenistan the rate shall be decreased by 20 percent. The terms of agreements on rent of land lots, may be changed in accordance with the legislation of Turkmenistan by a mutual agreement of the parties or by the decision of Economic court (art. 12). The Annex contains the list of free economic zones which principal activities include manufacturing and processing of agricultural commodities and fish-processing industry. The Law consists of 3 Sections that contain 15 articles and the list of free economic zones in Turkmenistan. Section 1 (arts. 1-5) lays down general provisions. Section 2 (arts. 6-9) regards functioning of a free economic zone. Section 3 (arts. 10-15) deals with foreign currency and monetary mechanism of pricing.
