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MINISTRY OF
FINANCE OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No. 24/2025/TT-BTC
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Hanoi, May 9,
2025
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CIRCULAR
GUIDING
CALCULATION OF VALUE REDUCTION AND PROVISION FOR DEPRECIATION OF IRRIGATION
INFRASTRUCTURE ASSETS
Pursuant to the Law on Management and Use of
Public Property dated June 21, 2017;
Pursuant to the Law on amendment to the Law on
Securities, the Law on Accounting, the Law on Independent Audit, the Law on
State Budget, the Law on Management and Use of Public Property, the Law on Tax
Administration, the Law on Personal Income Tax, the Law on National Reserve,
and the Law on Administrative Penalties dated November 29, 2024;
Pursuant to Decree No. 08/2025/ND-CP dated
January 9, 2025 of the Government on management, use, and operation of
irrigation infrastructure assets;
Pursuant to Decree No. 29/2025/ND-CP dated
February 24, 2025 of the Government on functions, tasks, powers, and
organizational structures of Ministry of Finance;
At request of the Director of Department of
Public Asset Management;
The Minister of Finance promulgates Circular
guiding calculation of value reduction and provision for depreciation of
irrigation infrastructure assets.
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SCOPE AND REGULATED
ENTITIES
Article 1. Scope
1. This Circular guides calculation of value
reduction and provision for depreciation for irrigation infrastructures that are
fixed assets under Clause 2 Article 3 hereof (hereinafter referred to as
“irrigation infrastructure assets”) funded and delegated to agencies, entities,
and enterprises under Clause 1 Article 2 hereof for management by the
Government.
2. In respect of irrigation infrastructure assets
delegated to enterprises for management in form of state capital in
enterprises, management and provision for depreciation shall conform to
regulations of the law on management, use, and provision for depreciation of
fixed assets applicable to enterprises; shall not be regulated by this
Circular.
3. In respect of land area attached to irrigation
structures, only monitoring of asset list shall be implemented; monitoring and
accounting of asset values shall not be implemented.
4. This Circular does not regulate cases detailed
under Clause 2 Article 1 of Decree No. 08/2025/ND-CP dated January 9, 2025 of
the Government on management, use, and operation of irrigation infrastructure
assets.
Article 2. Regulated entities
1. Calculation of value reduction and provision for
depreciation of irrigation infrastructure assets under this Circular apply to
agencies, entities, and enterprises assigned to manage, operate irrigation
infrastructure assets, including:
a) Public service providers;
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c) Enterprises of which 100% charter capital is
held by the State assigned to manage, operate irrigation infrastructure assets
without calculation of state capital in enterprises.
2. Other agencies, entities related to calculation
of value reduction and provision for depreciation of irrigation infrastructure
assets.
Chapter II
IDENTIFYING STANDARDS,
MONITORING PRINCIPLES OF IRRIGATION INFRASTRUCTURE ASSETS
Article 3. Identifying
standards of irrigation infrastructure assets
1. Identification of irrigation infrastructure
assets
a) Irrigation infrastructure asset that is
structurally independent shall be identified as an asset;
b) A system of irrigation infrastructure assets
consisting of individual assets connected to one another to perform certain
functions where the lack of any component therein renders the entire system
inoperable shall be identified as an asset.
Where irrigation infrastructure asset is a system
delegated to multiple agencies, entities, and enterprises for management and
operation, individual assets assigned to each agency, entity, and enterprise
shall be considered an asset.
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a) They have minimum useful life of 1 year; and
b) They have minimum original price of 10.000.000
VND.
Article 4. Monitoring
principles of irrigation infrastructure assets
1. Each irrigation infrastructure asset deemed a
fixed asset under Article 3 hereof shall correspond to an entry in accounting
logbook. Irrigation infrastructure asset accounting shall adequately reflect
and record information pertaining to original price, remaining value, value
reduction or depreciation of assets.
2. Agencies, entities, and enterprises assigned to
manage, operate irrigation infrastructure assets have the responsibility:
a) to keep record of all irrigation infrastructure
assets that they are assigned to manage in accordance with accounting laws;
b) to perform asset inventory on an annual basis;
perform general inventory in accordance with decisions of competent agencies,
competent persons; adjust accounting data in case of any discrepancy during
inventory while ensuring that data on accounting logbook are consistent with
actual data;
c) to produce declaration reports, reports on use
of irrigation infrastructure assets under Article 26 of Decree No.
08/2025/ND-CP and relevant law provisions.
3. In respect of irrigation infrastructure assets
that are no longer in use and of which value reduction has not been fully
calculated or which has not been fully depreciated as per the law, agencies,
entities, and enterprises assigned to manage the assets shall continue to
manage, monitor, and maintain assets as per the law and calculate value
reduction, make provision for depreciation in accordance with this Circular
until law-compliant actions are taken.
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Where irrigation infrastructure assets have had
value reduction fully calculated or have fully depreciated and later are
subject to changes to original price in accordance with Clause 5 Article 5 hereof,
calculation of value reduction and provision for depreciation shall be required
for the remaining useful life (if any) after original price is changed.
5. Where right to operate irrigation infrastructure
assets is leased, agencies and entities assigned to manage and operate assets
shall continue to manage, monitor, calculate value reduction, and make
provision for depreciation in accordance with this Circular during lease term.
6. Where right to operate irrigation infrastructure
assets is temporarily transferred, during the transfer period, agencies and
entities assigned to manage, operate the assets (the transferors):
a) have the responsibility to monitor and oversee
performance of obligations of the receivers in accordance with regulations of
the law and contracts for term transfer of asset operating right;
b) shall not calculate value reduction, make
provision for depreciation in accordance with this Circular; monitor original
prices of assets recorded on the date of transfer in accounting logbook and
present in financial statements in accordance with applicable accounting
regulations;
c) receive assets in accordance with contracts for
term transfer of asset operating right and regulations of the law, re-identify
original prices, remaining prices of assets in order to manage, use, calculate
value reduction, and make provision in accordance with Decree No. 08/2025/ND-CP
and this Circular upon expiry of transfer period.
Chapter III
ORIGINAL PRICES, VALUE
REDUCTION, REMAINING VALUE OF IRRIGATION INFRASTRUCTURE ASSETS
Article 5. Determination of
original prices of irrigation infrastructure assets
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a) In respect of irrigation infrastructure assets
under monitoring and recording in accounting logbook, original prices of assets
shall be the original prices monitored and recorded in accounting logbook;
b) In respect of irrigation infrastructure assets
that are not monitored or recorded in accounting logbook:
b1) Where irrigation infrastructure assets have
been settled as per the law, settlement value on paper shall be used for
determining original prices for recording in accounting logbook;
b2) Where information on original prices and
remaining value or settlement value of irrigation infrastructure assets is not
available, prices of sample structures decided by the Minister of Agriculture
and Environment (if any) shall be used for the purpose of determining original
prices of equivalent irrigation infrastructure assets.
Where prices of sample structures are used for
determining original prices of equivalent irrigation infrastructure assets, the
original prices shall only be used for monitoring, recording in accounting
logbook, asset declaration report in order to access National database on
irrigation infrastructure assets;
b3) Where basis for determining original prices of
irrigation infrastructure assets in accordance with Point b1, Point b2 is
insufficient and where basis for determining when the assets are used and
determining purchase prices of assets of the same type or construction value
(construction norms) of assets of equivalent grade, class, capacity established
either via construction or procurement on the date on which the assets are
used, original prices of the assets shall be determined as follows:
Original prices of
irrigation infrastructure asset
=
Purchase price of
asset of the same type or construction value (construction norms) of assets
of equivalent grade, class, capacity on the date on which the assets are used
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- Purchase price of asset of the same type
(applicable to assets that are not houses, constructions, architectural items)
are selling prices of new assets on the market on the date on which the assets
are used;
- Construction value (construction norms) of assets
of equivalent grade, class, capacity established either via construction or
procurement applicable to assets that are houses, constructions, architectural
items (including houses, constructions, architectural items established via
procurement) shall be determined as follows:
Construction price
of asset
=
Construction unit
price of asset of equivalent grade, class, capacity declared by local provincial
People’s Committee for application on the date on which the asset is used
x
Construction
area/volume/quantity/other criteria (if any) of the asset
+
Value of other
elements attached to structure/work items determined in accordance with
regulations of presiding Ministry (or specific regulations of local
government) on the date on which the asset is used
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b4) Where basis for determining original prices of
irrigation infrastructure assets in accordance with Point b1, Point b2, and
Point b3 under this Clause is not sufficient, agencies and entities assigned to
manage irrigation infrastructure assets shall hire valuating enterprises to
advise about determining value of assets in accordance with Vietnamese
Valuation Standards in order to re-evaluate remaining value and time for
calculating remaining value reduction of asset. The use of valuation
certificate, valuation report shall conform to price laws.
On the basis of valuation certificates and
valuation reports provided by valuating enterprises and characteristics,
conditions of irrigation infrastructure assets, agencies and entities and
enterprises in possession of assets shall determine original prices of
irrigation infrastructure assets as follows:
Original prices of
irrigation infrastructure asset
=
Re-evaluated value
of asset
x
Time period for
calculating value reduction/making provision for depreciation of asset in
accordance with Article 8 hereof (years)
Time period for
calculating remaining value reduction/making provision for remaining
depreciation of assets (years)
2. Original prices of irrigation infrastructure
assets built and used after the effective date of Decree No. 08/2025/ND-CP
shall be settlement value approve by competent authorities, competent persons
in accordance with construction and investment laws. Special cases are
prescribed as follows:
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Value derived from settlement inspection;
Value requested for settlement approval;
Value determined in accordance with Record of A-B
Commissioning (The sum of contract settlement value spreadsheets between
project developers and contractors);
Value of the latest approved or amended estimates
(where project estimates are amended);
Value of the latest approved or amended total
investment (where total investment is amended).
Where competent authorities or competent persons
approve settlement, agencies and entities and enterprises assigned to manage
irrigation infrastructure assets shall amend value recorded in accounting
logbook in accordance with approved settlement value in order to amend
accounting logbook and record assets in accordance with accounting laws;
b) Where projects consist of multiple work items
and assets (multiple entries in asset accounting logbook) which are not
separately, individually recorded or settled, handle individual work item and
asset in order to record in accounting logbook on the principle where direct
costs related to a fixed asset are recorded in entries of said assets; general
costs related to multiple fixed assets are recorded proportionally based on
ratio between direct costs affiliated to individual fixed asset and total
direct costs of all fixed assets;
c) Where projects consist of multiple work items
and assets (multiple entries in asset accounting logbook) which are
individually invested and commissioned, work items and assets that have been
invested, build, commissioned, and used shall be recorded in accounting logbook
under corresponding entries from the date on which they are used. Original
prices recorded in accounting logbook shall be temporary original prices under
Point a of this Clause.
Where competent authorities and competent persons
approve project settlement, agencies, organizations, entities, and enterprises
shall amend temporary original prices in accordance with approved settlement
value in order to amend accounting logbook and record assets as per the law;
where work items and assets are not recorded individually, agencies,
organizations, entities, and enterprises shall allocate settlement value
approved by competent persons and competent agencies to each work item and
asset in order to record in accounting logbook, amend accounting logbook (in
respect of work items and assets recorded in accounting logbook) on the basis
of appropriate criteria (such as: Construction area, quantity, detail estimates
of individual work items, assets, etc.);
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3. Original prices of irrigation infrastructure
assets received via assignment or transfer from effective date of Decree No.
08/2025/ND-CP shall be determined as follows:
Original prices of
transferred or assigned irrigation infrastructure assets
=
Original prices on
record of asset delivery and assignment
+
Fees and charges
in accordance with regulations of the law on fees and charges (if any)
+
Other costs (if
any)
Where:
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a1) In respect of irrigation infrastructure assets
that have been monitored and recorded in accounting logbook, original prices on
record of asset assignment and delivery shall be original prices of irrigation
infrastructure assets that have been monitored and recorded in accounting
logbook of agencies, entities, and enterprises in possession of assigned,
transferred assets;
a2) In respect of irrigation infrastructure assets
that have not been monitored and recorded in accounting logbook, agencies,
entities, and enterprises in possession of transferred, assigned assets have
the responsibility to determine original prices of the assets in accordance
with corresponding regulations under Clause 1, Clause 2 of this Article before
requesting competent authorities, competent persons to decide asset transfer,
delivery.
b) Other costs (if any) shall be reasonable costs
directly related to reception of assigned, delivered irrigation infrastructure
assets and incurred by agencies, entities, and enterprises that receive
irrigation infrastructure assets until the date on which the assets are used.
Where general costs are required for multiple irrigation infrastructure assets,
agencies, entities, and enterprises shall allocate expenditure for individual
assets in accordance with appropriate criteria (such as: construction area,
volume, quantity, value of derived assets, general costs, etc.).
4. In respect of irrigation infrastructure assets
that are in excess via the process of inventory and examination, depending on
origin and time of use, original prices of these assets shall be determined in
accordance with Clause 1, Clause 2, and Clause 3 of this Article.
5. In respect of irrigation infrastructure assets
received by agencies, entities, and enterprises after expiry of temporary
transfer of use right in accordance with Point c Clause 6 Article 4 hereof,
original prices of irrigation infrastructure assets shall be reset to original
prices recorded on the date on which the transfer occurs in accordance with
contracts for temporary transfer of asset use right plus investment in upgrade,
expansion (if any) according to projects approved by competent authorities.
6. Changing original prices of irrigation
infrastructure assets
Original prices of irrigation infrastructure assets
shall be changed:
a) For the purpose of re-evaluating assets during
general inventory according to decision of the Prime Minister;
b) For the purpose of upgrading, expanding assets
in accordance with projects approved by competent authorities, competent
persons;
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d) For the purpose of installing an additional part
or parts of irrigation infrastructure assets except for cases where such
installation serves replacement purposes during maintenance;
dd) In case the assets are partially missing or
severely damaged by natural disasters, other force majeure, or other irregular
events (unless the assets have been restored either via insurance or
compensation of relevant organizations, individuals).
7. Original prices of irrigation infrastructure
assets under this Article serve as the basis for recording in accounting
logbook, calculating value reduction, making provision for depreciation of
irrigation infrastructure assets.
Article 6. Determining original
prices of irrigation infrastructure assets in case of changes to original
prices of assets
Where original prices of irrigation infrastructure
assets are changed in accordance with Clause 6 Article 5 hereof, agencies and
entities assigned to manage irrigation infrastructure assets shall file records
stating reasons for (cases of) original price change; re-evaluate original
price criteria of irrigation infrastructure assets which serve as the basis for
determining value reduction expenses and remaining value of the assets in order
to amend accounting logbook, implement management, calculate value reduction,
and make provision for depreciation in accordance with this Circular.
Re-evaluation of original prices of irrigation
infrastructure assets in case of changes to original prices shall be
implemented as follows:
1. In respect of cases detailed under Point a
Clause 6 Article 5 hereof, original prices of irrigation infrastructure assets
shall be re-evaluated in accordance with guidelines of competent authorities,
competent persons pertaining to asset inventory and re-evaluation.
2. In respect of cases detailed under Point b
Clause 6 Article 5 hereof, original prices of irrigation infrastructure assets
shall equal currently recorded original prices plus the additional value caused
by upgrade, expansion of irrigation infrastructure assets. In this case, the
additional value provided by upgrade, expansion of irrigation infrastructure
assets shall be settlement value approved by competent authorities and
competent persons as per the law; where settlement has not been approved by
competent authorities and competent persons, agencies and entities assigned to
manage irrigation infrastructure assets shall record the additional value
provided by upgrade, expansion of irrigation infrastructure assets in
accounting logbook from the date on which the assets are used. The additional
value in original prices recorded in accounting logbook shall be selected in
the following order of priority:
Value derived from settlement inspection;
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Value determined in accordance with Record of A-B
Commissioning (The sum of contract settlement value spreadsheets between
project developers and contractors);
Value of the latest approved or amended estimates
(where project estimates are amended);
Value of the latest approved or amended total
investment (where total investment is amended).
Where competent authorities and competent persons
approve estimates, agencies and entities assigned to manage irrigation
infrastructure assets shall amend the additional value in original prices in
accounting logbook on the basis of approved settlement value in order to amend
accounting logbook and implement asset accounting as per the law.
Where projects approved by competent authorities or
competent persons facilitate construction, upgrade, or expansion of other
assets (that are not irrigation infrastructure assets and where the projects
include investment in irrigation infrastructure assets), the additional value
provided by upgrade, expansion of irrigation infrastructure assets shall be the
investment in irrigation infrastructure assets in settlement value approved by
competent authorities and competent persons.
3. In respect of dismantlement of a part or parts
of irrigation infrastructure assets or liquidation of parts of irrigation
infrastructure assets in accordance with Point c Clause 6 Article 5 hereof,
original prices of irrigation infrastructure assets shall be re-evaluated to be
equal to currently recorded original prices less value of parts of irrigation
infrastructure assets dismantled or liquidated plus reasonable costs directly
related to dismantlement, liquidation incurred by agencies and entities
assigned to manage irrigation infrastructure assets until the date on which
dismantlement, liquidation is completed.
Wherein value of dismantled or liquidated parts of
irrigation infrastructure assets shall be determined as follows:
a) Where dossiers determining buying price and
settlement value/estimate value of dismantled and liquidated parts of
irrigation infrastructure assets are available, the value of said assets shall
be determined by buying price, settlement value/estimate value of the assets;
b) Where dossiers specified under Point a of this
Clause are not available and where original prices of irrigation infrastructure
assets are allocated to dismantled and liquidated parts of irrigation infrastructure
assets under appropriate criteria (such as: construction area, quantity, buying
price, estimates, etc.), value of the dismantled and liquidated parts shall be
determined by the allocated value;
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Where buying price of dismantled, liquidated parts
of irrigation infrastructure assets on the market at the time in which the
assets are used cannot be determined, agencies and entities assigned to manage
irrigation infrastructure assets shall hire valuating enterprises to determine
value of dismantled, liquidated parts of irrigation infrastructure assets in
order to determine original prices of the assets following dismantlement and
liquidation.
The use of valuation certificates and valuation
report of valuating enterprises shall conform to price laws.
4. Where additional parts of irrigation
infrastructure assets are installed in accordance with Point d Clause 6 Article
5 hereof, original prices of irrigation infrastructure assets shall be
re-evaluated to be equal to currently recorded original prices plus additional
value provided by additional installation of a part or parts of irrigation
infrastructure assets plus reasonable costs directly related to the
installation incurred by agencies and entities assigned to manage irrigation
infrastructure assets until the date on which installation completes.
Wherein the additional value provided by additional
installation of a part or parts of irrigation infrastructure assets correspond
to value of the installed assets and are determined in accordance with cases
detailed under Article 5 hereof.
5. In respect of cases detailed under Point dd
Clause 6 Article 5 hereof, agencies in charge of asset management shall hire
valuating enterprises to evaluate and determine remaining value, time period
for calculating value reduction, making provision for depreciation of assets
(including expenditure on hiring valuating enterprises) in a manner compliant
with Article 8 hereof for damaged assets in order to file record of original
price change. Original prices of irrigation infrastructure assets in this case
shall be determined as follows:
Original prices of
irrigation infrastructure asset
=
Re-evaluated value
of asset
x
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Time period for calculating
remaining value reduction/making provision for remaining depreciation of
assets (years)
The use of valuation certificates and valuation
report of valuating enterprises shall conform to price laws.
Article 7. Principles of
calculating value reduction, making provision for depreciation of irrigation
infrastructure assets
1. Irrigation infrastructure assets that are fixed
assets delegated to agencies, entities, and enterprises for management and
operation shall be subject to calculation of value reduction in accordance with
this Circular except where cases detailed under Clause 2 or Clause 3 of this
Article apply.
In respect of assets which agencies, entities, and
enterprises receive from other agencies, entities, and enterprises in
accordance with decision of competent authorities and competent persons in a
year, calculation of value reduction in the year shall be implemented at
agencies and entities that receive the assets;
2. Provision for depreciation of irrigation
infrastructure assets shall be made where irrigation product and service fees
incorporate depreciation costs, in part or in whole, into public irrigation
service prices.
In respect of irrigation infrastructure assets
assigned to public service providers that guarantee their own recurrent funding
and management investment expenditure or public service providers permitted by
competent authorities to incorporate depreciation costs into public irrigation
service prices, calculation of value reduction and provision for depreciation shall
be implemented in the same manner applicable to enterprises operating in
irrigation industry in accordance with corporate laws.
3. Agencies, entities, and entities assigned to
manage, operate irrigation infrastructure assets shall not be required to calculate
value reduction or make provision for depreciation in respect of:
a) Assets of which value reduction has not been
fully calculated or provision for depreciation has not been fully made are
damaged beyond repair;
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c) Irrigation infrastructure assets that are under
temporary transfer of use right.
4. Calculation of value reduction and provision for
depreciation of irrigation infrastructure assets
a) Implementation shall be carried out on the basis
of the following criteria:
a1) Type of asset (Complete system of irrigation
infrastructure assets/individual assets);
a2) Time period for calculating value
reduction/making provision for depreciation of irrigation infrastructure
assets;
a3) Rate of value reduction, depreciation;
a4) Accounting period in accordance with applicable
accounting regulations.
b) On the basis of incorporation of asset
depreciation costs into irrigation product and service prices, agencies,
entities, and enterprises shall determine methods for calculating value
reduction, making provision for depreciation of irrigation infrastructure
assets as follows:
b1) In respect of irrigation infrastructure assets
where depreciation costs are not incorporated into irrigation product and
service prices, agencies, entities, and enterprises assigned to manage, operate
irrigation infrastructure assets shall calculate overall value reduction;
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b3) In respect of irrigation infrastructure assets
where depreciation costs are partially incorporated into irrigation product and
service prices, agencies, entities, and enterprises assigned to manage, operate
irrigation infrastructure assets shall both calculate value reduction and make
provision for depreciation;
5. Calculation of value reduction and provision for
depreciation of irrigation infrastructure assets shall be implemented as
follows:
a) Calculation of value reduction shall be implemented
once per year in December before closing accounting logbook;
b) In respect of irrigation infrastructure assets
of which provision for overall depreciation is made, provision for depreciation
shall be made on a monthly basis;
c) In respect of irrigation infrastructure assets
that are subject to both calculation of value reduction and provision for
depreciation, calculation of depreciation and provision for depreciation shall
be implemented on a monthly basis.
Article 8. List of assets, time
period for calculating value reduction and making provision for depreciation,
rate of depreciation
1. Where subject of accounting logbook is a system
No.
Type of asset
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Rate of value
reduction, depreciation (%/year)
Complete irrigation infrastructure system
20 - 80
5 – 1,25
2. Where subject of accounting logbook is
individual asset
No.
Type of asset
Time period for
calculating value reduction/making provision for depreciation (years)
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1
Headquarters, administrative building, management
station (excluding headquarters, office building of agency, entity, enterprise
assigned to oversee irrigation infrastructure assets and located outside of
perimeter of irrigation infrastructures)[1]
- Class I
50
2
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25
4
- Class III
20
5
- Class IV
15
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2
Water reservoir, dam[2]
- Special class
60
1,67
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50
2
- Class II
40
2,5
- Class III
25
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- Class IV
20
5
3
Sewers
5 - 25
20 - 4
4
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15 - 50
6,67 - 2
5
Water transportation system
15 - 20
6,67 - 5
6
Dyke
10 - 30
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7
Irrigation embankment
15 - 30
6,67 - 3,33
8
Monitoring device
5 - 10
20 - 10
9
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8 - 20
12,5 - 5
10
Marker post, sign
8 - 10
12,5 - 10
11
Other structure and architectural element for management,
operation of irrigation structure
8 - 10
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3. On the basis of size, class, grade of
structures, socio-economic characteristics of individual administrative
division; on the basis of time period for calculating value reduction/making provision
for depreciation and rate of value reduction, depreciation under Clause 1 and
Clause 2 of this Article; on the basis of request filed by agencies, entities,
and enterprises assigned to manage and operate irrigation infrastructure assets
and superiors thereof (if any), irrigation authorities affiliated to the
Ministry of Agriculture and Environment shall request the Ministry of
Agriculture and Environment, provincial-level irrigation authorities shall
request provincial People's Committees to decide or decentralize authority to
decide time period for calculating value reduction/making provision for
depreciation and specific rate of value reduction, depreciation for individual
system and standalone asset (subject of accounting logbook) for systems and
assets of which time period for calculating value reduction/making provision
for depreciation and specific rate of value reduction, depreciation are
compliant with Clause 1, Clause 2 of this Article.
Article 9. Methods for
calculating value reduction, depreciation
1. Value reduction, depreciation expenses:
a) In respect of irrigation infrastructure where
only value reduction calculation is implemented, annual value reduction
expenses of each irrigation infrastructure asset shall be calculated by:
Annual value
reduction expenses of each irrigation infrastructure asset
=
Original prices of
irrigation infrastructure asset
x
Rate of value
reduction (%/year)
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- Original prices of irrigation infrastructure
assets shall be determined in accordance with Article 5 hereof;
- Rate of value reduction shall be determined in
accordance with Article 8 hereof.
b) In respect of irrigation infrastructure assets
where only provision for depreciation is made, annual depreciation expenses of individual
irrigation infrastructure asset shall be calculated using the formula below:
Annual
depreciation expenses of irrigation infrastructure assets
=
Original prices of
assets x Rate of depreciation (%/year)
12 months
Where:
- Original prices of assets shall be determined in
accordance with Article 5 hereof;
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c) In respect of irrigation infrastructure assets
where both calculation of value reduction and provision for depreciation are
made, calculation monthly value reduction expenses and depreciation expenses of
each irrigation infrastructure asset of shall be made as follows:
c1) Depreciation expenses shall equal depreciation
expenditure recorded in irrigation product and service fees during period in
which provision for depreciation of irrigation infrastructure assets is made.
c2) Value reduction expenses shall be calculated
using the formula below:
Value reduction
expenses
=
Value reduction
expenses calculated in accordance with Point a of this Clause
-
Depreciation
expenses under c1
12 months
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a) In respect of irrigation infrastructure assets where
only value reduction is calculated, accumulated value reduction quantities
shall be calculated using the formula below:
Accumulated value
reduction of asset until the year (n)
=
Accumulated value
reduction of asset as of the year (n-1)
+
Increase in
accumulated value reduction of asset in the year (n)
-
Reduction in
accumulated value reduction of asset in the year (n)
b) In respect of irrigation infrastructure assets
where only provision for depreciation is made, accumulated depreciation quantities
shall be calculated using the formula below:
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=
Accumulated
depreciation of asset until the accounting period (t-1)
+
Increase in
accumulated depreciation of asset in the accounting period (t)
-
Reduction in
accumulated depreciation of asset in the accounting period (t)
c) In respect of irrigation infrastructure assets
where both calculation of value reduction and provision for depreciation are
made, accumulated value reduction and depreciation quantities shall be
calculated using the formula below:
Accumulated value
reduction + depreciation until accounting period (t)
=
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+
Increase in
accumulated value reduction + depreciation of asset in the accounting period
(t)
-
Reduction to
accumulated value reduction + depreciation of asset in the accounting period
(t)
3. Value reduction and depreciation expenses for
the last year/last accounting period of useful life of irrigation
infrastructure assets:
a) In respect of irrigation infrastructure assets
where only calculation of value reduction is made, value reduction of the final
year in useful life of the assets shall be calculated using the formula below:
Value reduction of
assets in the final year
=
Original prices of
asset
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Accumulated value
reduction of asset until the year before the final year determined in
accordance with Point a Clause 2 of this Article
b) In respect of irrigation infrastructure assets
where only provision for depreciation is made, provision for depreciation for
the final accounting period of useful life of the asset shall be calculated
using the formula below:
Depreciation of
assets for the final accounting period
=
Original prices of
asset
-
Accumulated
depreciation of asset until the year before the final accounting period
(according to Point b Clause 2 of this Article)
c) In respect of irrigation infrastructure assets
where both calculation of value reduction and provision for depreciation are
made, calculation of value reduction/provision for depreciation for the final
accounting period of useful life of asset shall be made using the formula
below:
Value
reduction/depreciation expenses for the final accounting period
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Original prices of
asset
-
Accumulated value
reduction/depreciation of asset until before the final accounting period
(according to Point c Clause 2 of this Article)
Article 10. Remaining value of
irrigation infrastructure assets
1. Remaining value of irrigation infrastructure
assets where only calculation of value reduction is made shall be determined
using the formula below:
Remaining value of
irrigation infrastructure assets as of December 31 of the year (n)
=
Original prices of
asset
-
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2. Remaining value of irrigation infrastructure
assets where only provision for depreciation is made shall be determined using
the formula below:
Remaining value of
irrigation infrastructure assets as of December 31 of the year (n)
=
Original prices of
asset
-
Accumulated
depreciation of asset until December 31 of the year (n)
3. Remaining value of irrigation infrastructure
assets where both calculation of value reduction and provision for depreciation
are made shall be calculated using the formula below:
Remaining value of
irrigation infrastructure assets as of December 31 of the year (n)
=
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-
Accumulated value
reduction of asset until December 31 of the year (n)
+
Accumulated
depreciation of asset until December 31 of the year (n)
Chapter IV
IMPLEMENTATION
Article 11. Transition clause
1. Where irrigation infrastructure assets have
subject to calculation of value reduction in accordance with Circular No.
75/2018/TT-BTC dated August 17, 2018 of the Ministry of Finance and where list
of assets subject to calculation of value reduction/provision for depreciation
under this Circular are amended relative to Circular No. 75/2018/TT-BTC, starting
from the fiscal year of 2025, agencies, entities, and enterprises assigned to
manage irrigation infrastructure assets shall calculate value reduction and
make provision for depreciation in accordance with this Circular.
2. Where irrigation infrastructure assets have not
subject to calculation of value reduction or provision for depreciation in
accordance with Circular No. 75/2018/TT-BTC, agencies, entities, and
enterprises assigned to manage irrigation infrastructure assets shall calculate
value reduction for the entire duration of asset use in years until the end of
2024 fiscal year at depreciation rate under Circular No. 75/2018/TT-BTC and
include the results in value reduction, depreciation expenses of the assets in
the fiscal year of 2025.
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1. This Circular comes into force from the date of
signing and is applied from the beginning of fiscal year of 2025.
2. Regulations related to irrigation infrastructure
assets and regulations containing the phrase “thủy lợi” (irrigation) in the
main text and Section V of Appendix attached to Circular No. 75/2018/TT-BTC
dated August 17, 2018 of the Ministry of Finance shall be annulled from the
effective date hereof.
3. Where legislative documents referred to under
this Circular are amended or superseded, the new documents shall prevail.
4. The Ministry of Agriculture and Environment and
People’s Committees of provinces and central-affiliated cities have the
responsibility to coordinate calculation of value reduction and provision for
depreciation of irrigation infrastructure assets in accordance with this
Circular./.
PP. MINISTER
DEPUTY MINISTER
Bui Van Khang
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[2]
Structure class according to irrigation laws.
Đã cập nhật Luật Đất đai 2024 mới nhất