Accounting for Fixed Assets

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On May 30, 2024, the Binh Duong Provincial Tax Department issued Official Dispatch No. 14754/CTBDU-TTHT regarding the accounting for fixed assets.

Based on Circular No. 45/2013/TT-BTC dated April 25, 2013, by the Ministry of Finance, which provides guidelines on the management, use, and depreciation of fixed assets:

In the event a company purchases assets that meet the conditions stipulated in Clause 1, Article 3 of Circular No. 45/2013/TT-BTC, including:

The asset is expected to yield future economic benefits; The asset has a useful life of more than one year; The original cost of the asset can be reliably determined and has a value of VND 30,000,000 (thirty million dong) or more, such assets shall be recognized as fixed assets of the company. The company shall depreciate the fixed assets according to the principles specified in Article 9 of Circular No. 45/2013/TT-BTC.

If the company depreciates fixed assets, the depreciation expense that meets the deductible and non-deductible expense conditions shall be deductible when determining taxable corporate income in accordance with Article 4 of Circular No. 96/2015/TT-BTC, which amends and supplements Article 6 of Circular No. 78/2014/TT-BTC.


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