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State-private partnership in Turkmenistan - mutual responsibility

State-private partnership in Turkmenistan - mutual responsibility

The Law of Turkmenistan "On State-Private Partnership", which came into force in June this year, was developed taking into account the best world practices and is aimed at stimulating the participation of business in state programs and infrastructure projects.

Currently, the Turkmen economy is in a state of technological modernization, digital and structural transformation with an emphasis on the development of an innovative industry. This development is focused on the use of breakthrough technologies in the extractive and processing industries in order to form a competitive resource, production and financial base of the national economy.

Obviously, the private sector will not be able to cope with tasks of this scale on its own, and it is also difficult to develop an efficient infrastructure solely at the expense of capital investments of the state. The optimal combination of potentials in this regard is the implementation of large investment state-private industrial development projects.

At the same time, in the process of developing and implementing projects, strict control of the allocated budgetary funds and private investments, a system of criteria for the effectiveness of projects, including social and financial ones, that is, the ratio of the result and expended resources are required.

The law stipulates that under the agreement, private partners can be provided with various types of financial support. These are subsidies, including those aimed at ensuring a guaranteed minimum income of a private partner from project implementation, investments in the form of assets and property, state budget funds for payment for goods and services, tax incentives and other types of financing. That is, the state can be an effective driver that reduces the level of risk for private capital.

A separate chapter in the new law is devoted to monitoring and reporting in the implementation of SPP projects, the success of which, in addition to having an appropriate regulatory framework, equally depends on a correct assessment of the economic feasibility of projects, their structure and clear coordination of the work of all parties. That is why the assistance of experienced consultants is of particular importance in such projects.

In the context of the development of forms of interaction between the state and business, the importance of audit tools for both state institutions and private enterprises becomes obvious. Indeed, to achieve maximum results, information transparency is a key factor.

Both parties are interested in receiving truthful, reliable, comparable information. The source of such information is the audited financial statements.

The company "Halkara Audit" actively participates in the formation of conditions for the development of SPP and provides a wide range of consulting and audit services for the implementation of projects. It:

– Mandatory audit
– Initiative audit
– Selective audit
– Audit of internal control systems
– Tax audit
– Audit consultation

Accounting services

– Organization, maintenance, restoration of accounting
– Setting up, maintaining, restoration of individual sections of accounting
– Preparation and submission of declarations to state bodies
– Transformation of accounting and reporting according to NFRS and IFRS

Consulting

– Consulting on keeping an accounting report
– Tax consulting
– Legal consulting

Begench ARAZOV,
member of the Board of the Union of Industrialists and Entrepreneurs of Turkmenistan,
founder of the company "Khalkara Audit"

Website: https://halkara-audit.com/
E-mail: halkara.audit@gmail.com
Phone: +99312 46 91 24 (25; 26)