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Mortgage system development in Turkmenistan 187
Fig. 2. Dynamics of real GDP growth and construction
Source: State Committee of Turkmenistan on Statistics. [Electronic resource]. Mode of
access: http://www.stat.gov.tm
As shown in fig. 2 on a background of slower growth in real GDP
growth rate of construction of Turkmen increase. In 2000 the growth rate
of construction in the country was 95% (i.e. in 2000 year the country was
built on 5% less than the social and industrial sector compared to 1999
year), but in 2010 compared to 2009 data objects was constructed by
15.2% more [Ministry of Construction of Turkmenistan].
An important impetus for the development of mortgage is the fact that
companies that produce raw materials for production of building materials,
pay tax at the rate 5% of the proceeds without the VAT collected from
sales. The Resolution of President of Turkmenistan on March 20, 2000
№ 4611 ʺOn amending the order of assessment for royaltyʺ [Resolution of
President of Turkmenistan from 20.03.2000. № 4611] taxpayers are legal entities
and individuals engaged in mining and chemical elements and compounds
that are mined from underground and surface waters.
Sources of housing finance of Turkmenistan is [Ministry of Finance of
Turkmenistan]:
‣ public funds;
‣ means the population;
‣ borrowings (bank loans).
Given the inability of people paying 100% of homes at once, the main
source of housing finance is mortgages.