MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No.: 45/2013/TT-BTC
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Ha Noi, April 25, 2013
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CIRCULAR
GUIDING
REGULATION ON MANAGEMENT, USE AND DEPRECIATION OF FIXED ASSETS
- Pursuant to the Enterprise Law
No.60/2005/QH11 dated November 29, 2005;
- Pursuant to the Law on Enterprise
Income Tax No.14/2008/QH12 datd June 03, 2008;
- Pursuant to Decree No.
124/2008/ND-CP dated December 11, 2008 of the Government detailing and guiding
the implementation of some articles of the Law on Enterprise Income Tax;
- Pursuant to Decree No.
122/2011/ND-CP dated December 27, 2011 of the Government amending and
supplementing Decree No. 124/2008/ND-CP dated December 11, 2008 of the
Government detailing and guiding a number of articles of the Law on Enterprise
Income Tax;
- Pursuant to Decree No.
118/2008/ND-CP dated November 27, 2008 of the Government defining the
functions, tasks, powers and organizational structure of the Ministry of
Finance;
- At the proposal of the Director of
Department
of Entrepreneurial Finance;
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Chapter I:
GENERAL
REGULATION
Article 1. Subject and scope
of application:
1. This Circular applies to enterprises established
and operating in Vietnam under regulations of law.
2. The calculation of depreciation according to this
Circular are made for each fixed asset (hereinafter referred to as assets) of
enterprises.
Article 2. The terms used in
this Circular shall be construed as follows:
1. Tangible fixed assets: are means of labor
primarily in the physical forms and satisfy the criteria of tangible fixed
assets, involved in many business cycle but remain original physical forms as
buildings, structures, machinery, equipment, means of transportation ...
2. Intangible fixed assets: these assets are not
physical forms, represents a value of the investment has to satisfy the
criteria of an intangible asset, involved in many business cycles such as some
costs directly related to land use; issuance right, patent, copyright ...
3. Fixed assets of financial leasing are the assets
which enterprises lease from financial leasing companies. At the end of the
lease term, the lessee has the right to purchase the leased property or
continues the lease under the terms agreed in the lease contract. The total
rent of an asset type specified in the financial leasing contract must be at least
equal to the value of that asset at the time of contract signing.
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4. Similar fixed assets: are the ones with their
similar utility in the same business area with equivalent value.
5. Primary price of fixed assets:
- Primary price of tangible fixed assets includes all
expenses that enterprises have to spend to have the tangible fixed assets by
the time the assets are put into a state of ready for use.
- Primary price of intangible assets includes all
costs that enterprises have to spend to have the intangible assets as of the
time the assets are put into use as intended.
6. Fair value of fixed assets: is the value of the
assets which can be exchanged between knowledgeable parties in the parity
exchange.
7. Depreciation of fixed assets: the diminishing usable
value and value of fixed assets due to engaged in production activities,
natural erosion, technical advances ... during the operation of the fixed
assets.
8. Accumulated depreciation of fixed assets: is the
total depreciation of fixed assets as of the reporting date.
9. Depreciation of fixed
assets: the calculation and allocation of primary price of fixed assets in
production and business costs systematically during the time depreciation of
fixed assets.
10. Time of depreciation of
fixed assets: is the time required for performing the depreciation of fixed
assets by enterprises to recover investment capital of fixed assets.
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12. Residual value of fixed assets: the difference
between the primary price of the fixed assets and accumulated depreciation (or
the value of accumulated depreciation) of the fixed assets as of the reporting
date.
13. Repair of fixed assets means the maintenance,
replacement and repair of damages generated during the operation to restore
operational capacity under the original standard operating state of the fixed
assets.
14. Upgrade of fixed assets: the activities of renovation,
construction and installation, addition of fixed assets to improve
productivity, product quality, utility of fixed assets compared with the
initial stage or prolong the utilization time of fixed assets; introduction of
new production technology process that reduces the operating costs of fixed
assets than before.
Chapter II:
REGULATION
ON MANAGEMENT OF FIXED ASSETS
Article 3. Standards and
identification of fixed assets:
1. Means of labor are the tangible assets with
independent structure, or a system of many individual parts of assets linked to
perform one or a certain number of functions and without any part, the system
can not work, and if meet the following three criteria they shall be regarded
as fixed assets:
a) It is certain to gain economic benefit in the future
from the use of such asset;
b) Having the utilization time of over 01 year.
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In
case a system includes many individual components of assets linked together, in
which each component has different utilization time and without any component
the entire system still perform its main operating function its main activity
but due to requirements on management and use of fixed asset requiring
separately managed asset division, each asset division if simultaneously satisfying
three criteria of fixed assets shall be regarded as independent tangible fixed
assets.
For animals working and / or giving products, then
each of the animals simultaneously satisfying three criteria of fixed assets is
regarded as tangible fixed.
For perennial orchards, each piece of garden, or
trees simultaneously satisfying three criteria shall be regarded as a fixed
tangible asset.
2. Standards and identificaton of intangible assets:
All
actual costs spent by enterprises simultaneously satisfyiing all three criteria
specified in Clause 1 of this Article, without forming tangible fixed assets
are regarded as intangible assets.
The expenses not simultaneously satisfying all three
criteria specified in Clause 1, Article 3 of this Circular shall be recorded
directly or gradually amortized into the business cost of enterprises.
As for costs incurred in the implementation phase
recognized as intangible assets generated from the inside of enterprise if they
simultaneously satisfy the following seven conditions:
a) Technical feasibility
ensures the completion and put the intangible assets to the expected use or
sale;
b)
Enterprises intend to complete the intangible asset for use or sale;
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d) These Intangible assets have to generate economic
benefits in the future;
e) Having sufficient technical and financial
resources and other resources to complete stages of deployment, sale or use of
those intangible assets.
g) Being able to identify with certainty the full
cost of the deployment phase to create such intangible assets;
h) It is estimated to have adequate standards on
utilization time and value defined for intangible fixed assets.
3. The cost of establishment of enterprise, cost of staff training,
advertising cost incurred prior to the establishment of enterprise, cost of research
stage, relocation, sale for possession and use of technical materials, patents,
license of technology transfer, trade marks, business advantage that are not intangibles
fixed assets but are amortized into business cost of enterprises in a maximum
time not exceeding 3 years according regulations of Law on Enterprise Income Tax.
4. For Joint-Stock companies converted from
state-owned companies under the provisions of the Government’s Decrees issued before
Decree No. 59/2011/ND-CP dated July 18, 2011 of the Government on the
conversion of enterprises with 100% state capital into joint-stock companies, having
business advantage included in the enterprise value when determining enterprise
value for equitization by the method of assets and approved by the competent
authority as prescribed, they shall perform the allocation of value of business
advantage under provisions in Circular No. 138/2012/TT-BTC dated August 20,
2012 of the Ministry of Finance guiding the allocation of value of business
advantage for Joint-Stock companies converted from state-owned companies.
Article 4. Determining the primary
price of fixed assets:
1. Determining the primary price of tangible fixed
assets:
a) Tangible fixed assets from purchase:
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In case the tangible fixed assets purchased by
deferred payments or installment payments, the primary price of fixed assets is
the purchase price paid at the time of purchase plus (+) taxes (excluding
refundable taxes) and directly related costs to be paid by the time putting the
fixed assets into a state of ready for use, such as the cost of shipping, loading
and unloading, upgrade, installation, testing, registration fee (if any).
In case of purchasing tangible fixed assets which are
housing and structures associated with land use rights, the value of land use
rights must be separately identified and recognized as intangible assets if
they meet the qualifications specified in the e Clause 2 of this Article, the
tangible fixed assets are buildings, structures, the primary price is the
purchase price actually paid plus (+) the costs directly related to the
introduction of tangible fixed assets into use.
In case after purchasing tangible fixed assets which
are housing and structures associated with land use rights, the enterprises
shall remove or demolish for new construction, the value of land use right must
be separately identified and recorded asintangible fixed assets if meeting the standards
under provision specified in Clause 2 of this Article; the primary price of
fixed assets newly built is determined as settlement price of the construction
as prescribed in the current Regulations on management of investment and
construction. These properties removed or demolished are recorded under current
regulations for disposal of fixed assets.
b) Tangible fixed assets purchased in the form of
exchange:
The primary price of fixed assets purchased in the
form of exchange with an unsimilar tangible fixed asset or other assets is the
rational value of tangible fixed asset reveived or rational value of fixed
assets brought to be exchanged (after addition of additional payables or
deduction of the receivables) plus (+) taxes (excluding refundable taxes), the directly related costs to be paid by the time putting
the fixed assets into a state of ready for use such as the cost of shipping,
loading and unloading, upgrade, installation, testing and registration fee (if
any).
The primary price of tangible fixed assets purchased
in the form of exchange with a similar tangible fixed asset or may be formed
due to be sold in exchange for ownership of a similar asset which is the Residual
value of tangible fixed asset to be exchanged.
c) Tangible fixed assets to be built or produced by
themselves :
The primary price of tangible fixed assets to be
built by themselves is the value of settlement of works when being put into
use. In case the fixed assets are put into use but have not been finalized, the
enterprises shall record the primary price by the provisional price and adjust
after settlement of completed works.
The primary price of tangible fixed assets to be
produced by themselves is the actual cost of tangible fixed assets plus (+)
costs of installation, testing and other directly related costs by the time
putting the tangible fixed assets into a state of ready for use (except for
internal profits, value of products recovered during pilot testing, production,
the unreasonable costs as waste materials, labor or other costs beyond the norm
prescribed in construction or production).
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The primary price of fixed assets due to capital
construction is formed by the method of contractor appointment is the
settlement price of the construction as prescribed in the current Regulations
on management of investment and construction plus (+) registration fee and
other directly related costs. In case the fixed assets due to construction are
put into use but have not been finalized, the enterprises shall record the primary
price by the provisional price and adjust after settlement of completed works.
For fixed assets that are animals working and/or
giving products, perennial orchards, the primary price is the entire actual
costs paid for these animals or orchards from the formation to the time of
putting into operation and use.
e) Tangible fixed assets are funded, offered, donated
or excessive by detection.
The primary price of tangible fixed assets due to
funding, offer, donation, excess due to detection is the value by actual
evaluation of the delivery Council or professional valuation organization.
g) Tangible fixed assets allocated and transferred:
The primary price of tangible fixed assets allocated
or transferred include the residual value of the fixed assets on accounting
books at allocating or transferring units or the value by actual evaluation of
the professional valuation organization as prescribed by law, plus (+) directly
related costs which the asset receiving party has to pay by the time the fixed
assets are put into a state of ready for use such as cost of leasing of
valuation organization, upgrade, installation, testing....
h) Tangible fixed assets from receiving and receiving
back contributed capital:
The fixed assets from receiving and receiving back
contributed capital are value agreed on consensus by the members, founding
shareholders or agreed between enterprises and capital contributors or
evaluated by professional organization as prescribed by law and approved by
members and founding shareholders
2. Determining the primary price of intangible fixed
assets:
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The primary price of intangible fixed assets is a
purchase price actually paid plus (+) taxes (excluding refundable taxes) and
directly related costs to be paid by the time putting the assets into use.
In case the intangible fixed assets purchased by
deferred payments or installment payments, the primary price of fixed assets is
the purchase price paid at the time of purchase (excluding interest on deferred
payment).
b) Intangible fixed assets purchased in the form of
exchange:
The primary price of intangible fixed assets in the
form of exchange with an unsimilar intangible fixed asset or other assets is
the rational value of intangible fixed assets received back or the rational
value to be exchanged (after addition of payables or reduction of receivables)
plus (+) taxes (excluding refundable taxes) and directly related costs by the
time putting the asset into use as expected.
The primary price of intangible fixed assets purchases
in the form of exchange with a similar intangible fixed asset or formed due to
be sold for exchange of ownership of a similar asset is a Residual value of
intangible fixed assets to be exchanged.
c) The intangible fixed assets allocated, offered,
donated or transferred:
The primary price of intangible fixed assets
allocated, offered, donated is the initial rational value plus (+) directly
related costs to be paid for putting the asset into use.
The primary price of fixed assets transferred is the
primary price recorded in the accounting books of enterprises having
transferred assets. The enterprises receiving these assets shall record the
primary price, depreciation and Residual value of the assets as prescribed.
d) Intangible fixed assets are created from inside of
enterprises :
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With regards to the costs incurred internally for
business to have trademarks, issuance right, customer lists, the costs incurred
in the research stage and similar items not meeting the standard and
recognizing these intangible assets are recorded in the business costs in the
period.
e) Intangible fixed assets are land use right:
- Intangible fixed assets are land use right
including:
+ The land use right allocated by the State with land
use fee or receiving the transfer of legal land use right (including term and
non-term land use right).
+ The right to use the leased land before the
effective date of the Land Act 2003 but the rent has been paid for the leasing
time or paid in advance for many years but the remaining land lease term paid
is at least five years and granted with certificate of land use right by the
competent authority.
The primary price of fixed assets determined is the
total amount paid to have the legal land use right plus (+) costs of site
clearance, ground leveling, registration fee (excluding costs for building
works on land) or the value of land use right with contributed capital.
- Land use rights not recognized as intangible
assets, including :
+ Land use rights allocated by the State without land
use fee.
+ Land lease rent paid one time for the entire lease
term (the land lease time after the effective date of the Land Law 2003 without
certificate of land use right granted), the rent is amortized into the business
costs by the number of lease year.
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- For the assets as housing and land for sale or
trading of real estate companies, the enterprises must not record them as fixed
assets and depreciate.
g) The primary price of intangible fixed assets is
the copyright, industrial property right, plant variety right in accordance
with the law on intellectual property: the total actual costs that enterprises
have paid to get copyright, industrial property right, plant variety right in
accordance with the law on intellectual property.
h) The primary price of fixed assets as software
programs:
The primary price of fixed assets as software
programs determined is the total actual costs the enterprise have paid to have software
programs in case they may be separated from the related hardware and designed
with semiconductor integrated circuit in accordance with the law on
intellectual property.
3. Fixed assets from financial leasing:
The primary price of fixed assets from financial
leasing reflected in the leasing units is the value of leased assets by the
time starting the lease of assets plus (+) direct costs incurred initially
related to the financial leasing.
4. The primary price of enterprise’s fixed assets is
only changed in the following cases:
a) Re-evaluating the value of fixed assets in cases:
- By decision of competent state authority.
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- Investment made outside enterprise by use of
assets.
b) Upgrading fixed assets
c) Dismantling one or a number of parts of fixed
assets but these parts are managed by standard of a tangible fixed asset.
When changing the primary price of fixed assets, the
enterprise have to make a record specifying grounds for change and re-determine
indicators of primary price, the Residual value in accounting book, accumulated
depreciation, utilization time of fixed assets and conduct the record as
prescribed.
Article 5. Principle to
manage fixed assets:
1. All fixed assets in enterprise must have a separate
record (including record of delivery of fixed assets, contracts, invoices of
purchase of fixed assets, and other related papers). Each fixed asset must be
classified, numbered with its own card, monitored in detail and reflected in
the monitoring book of fixed assets.
2. Each fixed asset must be managed by its primary
price, accumulated depreciation and residual value in accounting books
Residual value in
accounting books of fixed assets
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-
Accumulated
depreciation of fixed assets
3. For fixed assets without need of
use awaiting disposal, but not fully depreciated, the enterprises have to manage,
monitor and preserve under current regulations and depreciation under the
provisions of this Circular.
4. The enterprises must manage for
fixed assets fully depreciated but still involved in business activities as
normal fixed assets.
Article 6. Classification
of enterprise’s fixed assets
Based on the purpose of use of fixed
assets, the enterprises shall conduct classification of fixed assets by the
following indicators:
1. Fixed assets used for business
purposes are fixed assets managed and used by enterprises for their business
purposes.
a) For tangible fixed assets, the
enterprises can classify them as follows:
Type 1: Housing and structures: are
the enterprise’s fixed assets formed after the construction process, such as head
office, warehousing, fences, water tower, open storage, the works decorating
housing, roads, bridges, railways, airfield, piers, wharves, docks and slipway.
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Type 3: Means of transport,
transmission equipment are types of means of transportation including railway,
water way, road, air, pipeline and transmission equipment, such as information
system, electrical system, water pipe and conveyor.
Type 4: Equipment and management
tools: are the equipment and tools used in the management of the enterprise’s business
operations such as computers for management, electronic equipment, equipment, measurement
and quality tools, dehumidifiers, vacuum cleaners, anti-termite.
Type 5: Perennial orchards, working
animals and / or giving products: are the perennial orchards as coffee
plantations, tea plantations, rubber plantations, orchards, lawn, green carpet
.. ., working animals and / or giving products, such as herd of elephants,
horses, buffaloes, cows ...
Type 6: Other types of fixed assets:
are all other fixed assets not listed in the above five types such as
pictures,.
b) Intangible fixed assets: land use rights as stipulated in Clause 2,
Article 4 of this Circular, issuance right, patent, inventions, literature, works
of art, science, products, results of art performance, video and audio
recordings, broadcasting programs, satellite signals carrying coded programs,
industrial designs, designs of semiconductor integrated circuits, business secrets,
trademarks, trade names and geographical indications, plant varieties and
breeding material.
2. Fixed assets used for welfare
purposes, career, security and national defense are the fixed assets managed
and used by enterprises for welfare purposes, career, security and national defense
in the enterprises. These fixed assets are also classified under provisions of Point
1 mentioned above.
3. Fixed assets preserved, kept or
stored are the fixed assets which the enterprises preserve or keep for other
units or keep for the State as prescribed by the competent State agencies.
4. Depending on the requirements on
management of each enterprise, the enterprises shall classify more detailed
their types of fixed asset in each group accordingly.
Article 7. Investment,
upgrade and repair of fixed assets:
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2. The repair costs of fixed assets must
not be calculated by an increase in primary price of fixed assets but are
recorded directly or amortized into the business cost in the period, but not
exceeding 3 years maximally.
For fixed assets whose repair is
cyclical, the enterprises shall be allowed for deduction of repair cost by
estimating into the annual cost. If the actual cost of repair of fixed assets
is greater than the deduction by estimate, the enterprises shall be allowed to
include in the rational costs this difference. If the actual cost of repair of
fixed assets is less than the deduction, the difference is recorded by a
reduction of business costs in the period.
3. The costs related to intangible assets generated after
initial recognition and evaluated with certainty, increasing the economic
benefits of the intangible fixed assets compared to the initial activity, shall
be reflected by an increase of primary price cost . Other costs related to
intangible assets generated after initial recognition are recorded in cost of business
and production.
Article 8. Leasing,
pledging, mortgaging, sale or disposal:
1. All activities of leasing, pledging, mortgaging,
sale or disposal of fixed assets must comply with current regulations of law.
2. For leased fixed assets:
a) Operating fixed assets:
- The leased enterprise must have
responsibility for management, use of fixed assets under provisions in the
lease contract. The leasing cost of fixed assets is recorded into business cost
in the period.
- The leasing enterprise as the
owner must monitor and manage the leased fixed assets.
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- The leased enterprise must
monitor, manage and use the leased fixed assets as they are owned by enterprises
and fulfill the obligations committed in the contract of fixed assets leasing.
- The leasing enterprise, as an
investor shall monitor and comply with the provisions of the contract of fixed
assets leasing.
c) In case in the contract of asset
leasing (including operating leasing and financial leasing) stipulating that
the lessee shall repair the assets during the leasing term, the repairment
costs of the leased fixed assets shall be recorded in the costs or amortized
into the business cost but the time must not exceed 3 years.
Chapter III:
REGULATION
ON DEPRECIATION OF FIXED ASSETS
Article 9. Principles of
depreciation of fixed assets:
1. All of the enterprise’s current fixed assets must
be depreciated excluding the following fixed assets:
- Fixed assets have been fully depreciated but are
still used in production and business activities.
- Fixed assets are lost during depreciation.
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- Fixed assets are not managed, monitored and
recorded in the enterprise’s accounting books.
- Fixed assets are used in welfare activities to
serve the enterprise’s employees (excluding the fixed assets to serve employees
working at enterprises such as mid-shift rest house, shift, mid-shift canteen,
dressing house, toilet, clean water tank, garage, medical room or station for
health examination, the employee shuttle bus, training facilities, vocational
training and housing for employees built by enterprise).
- Fixed assets from the non-refundable aid after the competent
agencies have handed them over to enerprises in service of their scientific
research.
- Intangible fixed assets are long-term land use
right with land use fee or receiving the legal long-term land use right.
2. The depreciation of fixed assets included in the
rational costs when calculating the Enterprise Income Tax shall comply with
the provisions in the legal documents on enterprise income tax
3. In case the fixed assets used in welfare
activities to serve the enterprise’s employees specified in Clause 1, Article 9
of this Circular are engaged in the production and business activities, the
enterprise shall base on the time and unitilization nature of these fixed
assets to perform the depreciation in the enterprise’s business cost and notify
the tax agency directly managing for monitoring and management.
4. Fixed assets are lost or damaged during
depreciation and may not be repaired or remedied. The enterprises shall
determine the cause and responsibility for compensation of the organization or
individual causing the loss or damage. The difference between the Residual
value of the asset with the compensation of organization or individual causing
the loss or damage, the compensation of insurance agency and the value
recovered (if any), the enterprises shall use the financial reserve fund for
compensation. In case the financial reserve fund is not sufficient for
compensation, the enterprises may include the deficit in their rational costs when
determining the enterprise income tax
5. Enterprises leasing the operating fixed assets
must depreciate the leased fixed assets.
6. Enterprises leasing the fixed assets in the form
of financial leasing (referred to as fixed assets from financial leasing) must
depreciate the leased fixed assets as the fixed assets owned by enterprises under
the current regulations. In case right at the starting time of asset lease, the
enterprise leasing the fixed assets from financial leasing shall commit not to
repurchase the leased assets in the contract of financial leasing, the enterprise
leasing may depreciate the fixed assets from financial leasing under the
leasing term in the contract.
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For the enterprises implementing equitization, the
time of depreciation of the above fixed assets is the time the enterprises are
granted the business registration certificates converted into joint stock
companies.
8. Enterprises with 100% state capital implementing
the evaluation of enterprises for equitization by the method of discounted cash
flow method (DCF), the increasing difference of the state capital between the
actual value and the value in acounting books is not recognized as intangible
assets and amortized into the production cost in the period but the time shall
not exceed 10 years. The starting time of amortization into the costs is the
time the enterprises are officially converted into joint-stock companies (with business
registration certificate).
9. The depreciation or stoppage of depreciation of
fixed assets is implemented from the start date (by a number of days of a month)
on which the fixed assets increase or decrease. The enterprises shall record
the increase or decrease of fixed assets under current regulations on
enterprise accounting system.
10. For capital construction works completed and put
into use, enterprises have recorded the increase of fixed assets by provisional
price due to unrealized settlement. Upon settlement of capital construction works
completed with the difference between the provisional value and settlement value,
the enterprises shall adjust the primary price of fixed assets by settlement
value approved by competent authorities. The enterprises shall not adjust the
rate of depreciation deducted from the time the fixed assets completed and put
into use to the time of settlement approval. The depreciation costs after the
settlement time are determined on the basis of taking the settlement value of
fixed assets approved minus (-) the number depreciated the time of settlement approval
of fixed assets and divided (: ) by remaining time of depreciation of fixed
assets as prescribed.
11. For fixed assets monitored, managed and
depreciated by enterprises under Circular No. 203/2009/TT-BTC but now
ineligible for the primary price of fixed assets in accordance with Article 3
of this Circular, the residual value of these assets shall be amortized into the
enterprise’s costs of business and production. The time of amortization shall
not exceed three years from the effective date of this Circular.
Article 10. Determination of
time of depreciation of tangible fixed assets :
1. For new fixed assets (not used), the enterprises
must depend on the time frame of depreciation of fixed assets specified in
Appendix 1 issued together with this Circular to determine the time of depreciation
of fixed assets.
2.
For fixed assets used, the time of depreciation of fixed assets is determined
as follows:
The time of depreciation of fixed assets
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Rational value of fixed assets
x
The time of depreciation of new fixed assets of the same
type determined in Annex 1 (issued together with this Circular)
Sale price of fixed assets 100% new of the same type (or of
equivalent fixed assets in the market)
In which: The rational value of fixed assets is the purchase price or
actual exchange ( in case of sale and purchase and exchange), the Residual
value of the fixed assets or the value by assessment of a valuation
organization ( in case of being given, offered, donated, allocated or
transferred) and other cases.
3. Change of time of depreciation of fixed assets:
a)
In case the enterprises wish to determine the time of depreciation of other new
and used fixed assets compared with the time frame of depreciation as
prescribed in Annex 1 issued together with this Circular, they must plan the
change of time of depreciation of fixed assets on the basis of clear
explanation of the following contents:
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- Present condition of fixed assets ( time used of
fixed assets, asset generation, actual condition of asset);
-
The impact of the increase or decrease in depreciation of fixed assets on the
result of business and repayment capital to credit institutions.
-
For assets formed from B.O.T and B.C.C investment projects, the enterprises
have to supplement the Contract signed with the investors.
b)
Competence to approve the Plan for change of time of depreciation of fixed
assets:
-
The Ministry of Finance shall approve the Plan in case:
+
The parent companies of the economic groups, corporations and state companies
holding 51% of the charter capital or more decided to establish by Ministries,
sectors and Prime Minister.
+
Subsidiaries with their parent company, economic groups and corporations
holding 51% of the charter capital or more.
-
Service of Finance of centrally-affiliated provinces and cities shall approve
for Corporations, independent companies established by the People's Committees
of centrally-affiliated provinces and cities, the enterprises of other economic
sectors having their head offices in the area.
On the basis of the Plan for
change of time of depreciation of fixed assets approved by the competent
authorities, within 20 days after the approval date of the Plan, the
enterprises shall notify the directly managing tax agency for monitoring and management.
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4. In case of impact factors
(such as upgrading or removal of one or several parts of fixed assets) to
extend or shorten the utilization time previously determined of the fixed
assets, the enterprises shall re-determine the time of depreciation of fixed
assets according to the three criteria mentioned above at the time of
completion of generated operation and make a record stating the grounds for
changing the time of depreciation for submission to the competent authority for
decision in accordance with Item b, Clause 3 of this Article.
Article 11. Determination of
time of depreciation of intangible fixed assets:
1. The enterprises shall determine the time of
depreciation of intangible fixed assets by themselves but not exceeding 20
years
2. For the intangible fixed assets which are the
value of land use right with term, the leased land use right. The time of
depreciation is the time permitted for land use of enterprises.
3. For the intangible fixed assets which are
copyright, intellectual property right, plant variety right, the time of
depreciation is the term of protection indicated on the degree of protection as
prescribed (excluding the extended term of protection).
Article 12. Determination of
the time of depreciation of fixed assets in several special cases:
1. For investment projects in the form of Build -
Operate - Transfer (BOT) and Business Cooperation Contract (BCC), the time of
depreciation of fixed assets shall be determined from the time to put the fixed
assets into use until the end of the project. In case the above projects have
generated irregular revenue in the years of project implementation but the
calculation of depreciation on the above principles affects the enterprises’ business
result, they shall make a report to the Ministry of Finance for consideration
of the increase or decrease in depreciation as provided for in Clause 3, Article
10 of this Circular.
2. For production lines with military particularity
specific and directly involved in tasks of national defense and security in
national defense and security companies, based on the provisions of this
Circular, the Ministry of Defense and the Ministry of Public Security shall
decide the time frame for depreciation of these assets.
Article 13. Method of depreciation of fixed assets:
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a)
Straight-line depreciation method.
b)
Adjusted reducing balance method
c)
Method of depreciation based on volume
2.
Based on the capacity to meet the applicable conditions specified for each
method of depreciation of fixed assets, the enterprises may choose method of depreciation
appropriate with each type of enterprises’ fixed asset:
a)
The straight-line depreciation method is the method of depreciation by the rate
of stability calculation of each year into the enterprises’ costs of business
and production of the fixed assets involved in the business operation.
The
enterprises operating with high economic efficiency may accelerate their
depreciation, but not more than 2 times of the depreciation rate by the
straight-line method for rapid technological innovation. The fixed assets
involved in business activities and accelerated their depreciation are
machinery and equipment, experimental and measuring instruments, equipment and
means of transport, management tools, animals, perennial orchards. When
performing accelerated depreciation, the enterprises must ensure profitable
business. In case the enterprises accelerate their depreciation exceeding 2
times of the rate specified in time frame for use of fixed assets provided for
in Appendix 1 attached to this Circular, the excess of accelerated depreciation
(over 2 times) is not included in the reasonable costs upon calculation income tax
in the period.
b)
Adjusted reducing balance method:
This
method applies to the enterprises in areas with technology requiring rapid
changes and development.
The
fixed assets involved in business operations are depreciated by the adjusted
reducing balance method must meet the following conditions:
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-
Being machinery, equipment, experimental and measuring instruments.
c)
Method of depreciation based on volume:
The
fixed assets involved in business operations are depreciated by this method are
types of machinery and equipment meeting the following conditions:
-
Directly related to product making;
-
Determining the total number and volume of
products made by design capacity of fixed assets;
-
The actual capacity per month in the fiscal year is not less than 100% of
design capacity.
The
contents of the methods of depreciation are prescribed in detail in Appendix 2
issued together with this Circular.
3.
The enterprises shall decide the method of depreciation, the time of deduction
of the fixed assets as prescribed in the Circular and inform the directly
managing tax agency prior to implementation.
4.
Method of depreciation applicable to each fixed asset which the enterprise has
chosen and notified the directly managing tax must be implemented consistently
during the process of utilization of fixed assets. In special case of changing
method of depreciation, the enterprises must clearly explain the changes in the
way of using the fixed assets to bring economic benefits to the enterprises.
Each fixed asset is allowed to change only one method of depreciation during
the utilization and must be notified in writing to the directly managing tax
office.
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IMPLEMENTATION
ORGANIZATION
Article 14. Effect
1. This Circular takes effect on June 10, 2013 and
applies from fiscal year 2013.
2. This Circular supersedes Circular No.
203/2009/TT-BTC dated October 20, 2009 of the Minister of Finance guiding the
regulation on management, use and depreciation of fixed assets. From the tax
year 2013, Item k, Point 2.2, Clause 6, Article 6 of Circular No.
123/2012/TT-BTC dated July 27, 2012 of the Minister of Finance guiding the
implementation of some articles of the Law on enterprise Income Tax shall apply
in accordance with amendments and supplements as following:
"k) Long-term land use rights are not
depreciated and amortized into the costs deducted in determining taxable
income, the land use right with term if adequate invoices and documents and
complying with the procedures as prescribed by law, involved in production and
business activities, shall be amortized into the costs deducted according to
the term permitted for land use specified in the certificate of land use right,
except for the case the term land use right with fee is depreciated to be
included in the reasonable costs upon calculation of enterprise income tax
"
3. In case the business individuals having fixed
assets and meeting regulations on the management of fixed assets specified in
this Circular may depreciate fixed assets to determine reasonable costs except
for calculation of personal income tax.
4. Any difficulty or problem arising during the
implementation should be promptly reflected to the Ministry of Finance for
settlement.
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FOR MINISTER
DEPUTY MINISTER
Tran Van Hieu
ANNEX I
List of groups of fixed
assets
Minimum time of
depreciation (year)
Maximum time of
depreciation (year)
1. Power generator
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15
2. Generator, hydropower, thermal
power, wind power, gas mixture.
7
20
3. Transformers and electrical
equipment
7
15
4. Other power machinery and
equipment
6
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B - Other machinery and working equipment
1. Machine tool
7
15
2. Machinery and equipment used in
the mining industry
5
15
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6
15
4. Máy dùng cho nông, lâm nghiệp
Machinery for agriculture and forestry
6
15
5. Water and fuel pump
6
15
6. Metallurgical and anti rust and
corrosion surface processing equipment
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15
7. Specialized equipment for the
production of chemicals
6
15
8. Specialized machinery and
equipment for production of building materials, stoneware and glassware
10
20
9. Specialized equipment for the
production of components and electronics, optics, precision mechanics
5
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10. Machinery and equipment used
in the leather industry, stationery cultural product printing
7
15
11. Machinery and equipment used
in the textile
10
15
12. Machinery and equipment used
in the garment industry
5
10
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5
15
14. Machinery and equipment of
food producing and processing
7
15
15. Cinema and health machinery
and equipment
6
15
16. Machinery, equipment of
telecommunications, information, electronics, computer and television
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15
17. Pharmaceutical manufacturing
machinery and equipment.
6
10
18. Other machinery and equipment
5
12
19. Machinery and equipment used
in the petrochemical industry
10
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20. Machinery and equipment used
in oil and gas exploration and extraction.
7
10
21. Construction machinery and
equipment
8
15
22. Crane
10
20
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1. Experimental and measuring
equipment of mechanical, thermal and acoustic quantitives
5
10
2. Optical and spectral equipment
6
10
3. Electrical and electronic
equipment
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10
4. Physico-chemical measuring and analyzing equipment
6
10
5. Radiation equipment and
instruments
6
10
6. Particularly specialized
equipment
5
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7. Other experimental and
measuring equipment
6
10
8. Molds used in the foundry
industry
2
5
D - Equipment and vehicles
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6
10
2. Railway transport vehicles
7
15
3. Water way transport vehicles
7
15
4. Airway transport vehicles
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20
5. Pipeline transportation equipment
10
30
6. Goods loading and unloading and
lifting equipment.
6
10
7. Other equipment and vehicles
6
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E - Management tools
1. Calculating and measuring
equipment
5
8
2. Machinery, communications-electronics
equipment,
and computer software for management
3
8
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5
10
G - Housing and structures
1. Solid housing
25
50
2. Mid-shift rest house, shift,
mid-shit canteen, dressing house, toilet, garage, etc.
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25
3. Other housing
6
25
4. Warehouses, storage tanks,
bridges, roads, airfield, parking, drying yeard ...
5
20
5. Embankments, dams, culverts,
channels, ditches
6
...
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6. Harbor, dock slipway ...
10
40
7. Other structures
5
10
H - Animals and perennial orchard
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4
15
2..Industrial crop plantation,
orchards and perennial orchards
6
40
3.Lawn and green carpet
2
8
I - Other types of intangible
fixed assets not specified in the above groups
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25
K - Other intangible fixed assets
2
20
ANNEX
2
I. Straight-line depreciation method:
1. Content of the method:
The fixed assets in the enterprises
are depreciated by the straight-line depreciation method as follows:
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Annual average rate of
depreciation for the fixed assets
=
Primary price of fixed
assets
Time of depreciation
- Monthly average rate of depreciation equal to the
yearly depreciation divided by 12 months.
2. In case the time of depreciation or the primary
price of the fixed assets changes, the enterprise have to re-determine the
average rate of depreciation of the fixed assets by taking the Residual value
in the accounting book divided by the time of depreciation re-determined or
remaining time of depreciation (determined as the difference between the time
of depreciation registered minus the time of depreciation) of the fixed assets.
3. The rate of depreciation for the final year of the
time of depreciation of fixed assets is determined as the difference between
the primary price of fixed assets and the accumulated depreciation made to the
preceding year of the final year of those fixed assets.
4. TSCĐ Example of calculation and depreciation of fixed
assets:
For example: Company A purchases a fixed asset (new
100%) with the invoice price of 119 million dong, a purchase discount of 5
million dong, the shipping cost of 3 million dong, the cost of installing and
test run of 3 million.
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Primary price of fixed assets = 119 million – 5
million + 3 million = 120 million dong
Annual average rate of depreciation = 120 million :
10 years = 12 million/year
Monthly average rate of depreciation = 12 million
dong : 12 months = 1 million dong/month
Annually, the enterprises shall deduct 12 million dong
of the cost of depreciation of fixed assets into the business costs.
b. After 5 years of use, the enterprises shall upgrade
their fixed assets with a total cost of 30 million dong, the utilization time
re-evaluated is 6 years (increasing 1 year compared with the utilization time
initially registered). The date completed and put into use is January 01, 2018.
Primary price of fixed assets = 120 million dong + 30
million dong = 50 million dong
Depreciation deducted = 12 million dong (x) 5 years =
60 million dong
Residual value in accounting book = 150 million dong
- 60 million dong = 90 million dong
Annual average rate of depreciation = 90 triệu đồng :
6 years = 15 million dong / year
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
From 2018 onwards, the enterprises shall depreciate
1.250.000 dong per month into the business costs for the fixed assets upgraded.
5. Determination of rate of depreciation for fixed
assets put into use before October 01, 2013:
a. Way to determine the rate of depreciation:
- Based on the data in the accounting books and records
of fixed assets to determine their Residual value in the accounting books of
fixed assets.
- Determining the remaining time of depreciation of
fixed assets by the following formula:
In which:
T : Remaining time of depreciation of
fixed assets
T1 : Time of depreciation of fixed assets
is determined under provisions of Annex 1 issued together with the Circular No.
203/2009/TT-BTC.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
t1 : Actual time of depreciation of fixed
assets
- Determining the annual rate of depreciation (for
the remaining years of fixed assets) as follows:
Annual average rate of
depreciation of fixed assets
=
Residual value of fixed
assets
Remaining time of depreciation
of fixed assets
- The monthly average rate of depreciation equal to
the yearly depreciation deduction divided by 12 months.
b. Example of calculation and depreciation of fixed
assets:
Ex: An enterprise uses a mining machine with primary
price of 600 million dong since January 01, 2011. The utilization time
determined in accordance with Annex 1 issued together with the Circular No.
203/2009/TT-BTC is 10 years. The time for using this mining machine by the end
of December 31, 2012 is 2 years. The accumulated depreciation is 120 million
dong.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- The enterprise determines the time of depreciation
of the mining machine is 15 years under the Annex I of the Circular No.....
/2013/TT-BTC.
- Determining the remaining time of depreciation of
the mining machine is as follows:
Remaining time of
= 15 years x
( 1 -
2 years
) = 12 years
10 years
- Annual average rate of depreciation = 480 million
dong : 12 years = 40 million dong/year (under Circular No....... /2013/TT-BTC)
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
From January 01, 2013 to the end of December 31,
2024, the enterprise shall carry out depreciation for the mining machine into
the monthly business costs of 3.333 million dong.
II. Adjusted reducing balance method:
1. Content of the method:
The rate of depreciation of
fixed assets by this method is determined such as:
- Determining the time of depreciation of fixed
assets:
The enterprises shall determine the time of
depreciation of fixed assets as provided for in the Circular No.....
/2013/TT-BTC of the Ministry of Finance.
- Determining the annual rate of depreciation of
fixed assets in the years by the following formula:
Annual rate
of depreciation of fixed assets
=
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
X
Accelerated
depreciation rate
In which:
The accelerated depreciation rate is determined by
the following formula:
Accelerated depreciation
rate (%)
=
Rate of depreciation by straight-line
method
X
Adjustment coefficient
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Rate of depreciation of
fixed assets by the straight-line method (%)
=
1
X 100
Time of depreciation of
fixed assets
Adjsutment coefficient is determined by the time of
depreciation of fixed assets specified in the following table:
Time of depreciation of
fixed assets
Adjsutment coefficient
(time)
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
1,5
Over 4 years (t> 4 years)
2,0
For the last years, when the
annual rate of depreciation determined by the reducing balance method above
mentioned is equal to ( or lower) the average rate of depreciation between the Residual
value and remaining number of years of utilization of fixed assets, then from
that year, the rate of depreciation is calculated by the Residual value of the
fixed assets divided by the remaining number of years of utilization of fixed
assets.
- The monthly rate of depreciation is equal to the
yearly deducted depreciation divided by 12 months.
2. Example of calculation and depreciation of fixed
assets:
Ex: Company A has purchased a new device producing
electronic components with the primary price of 50 million dong. The time of
depreciation of fixed assets determined in accordance with Appendix 1 (issued
together with Circular No..../ 2013/TT-BTC) is 5 years.
Determining the annual rate of depreciation as
follows:
- Annual rate of depreciation of fixed assets by the
straight-line method is 20%.
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Annual rate of depreciation of the above fixed
assets is determined in the following table:
Unit: Dong
Year
Residual value of fixed
assets
Way to calculate annual
depreciation of fixed assets
Annual rate of
depreciation
Monthly rate of
depreciation
Year-end accumulated
depreciation
1
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
50.000.000 x 40%
20.000.000
1.666.666
20.000.000
2
30.000.000
30.000.000 x 40%
12.000.000
1.000.000
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
3
18.000.000
18.000.000 x 40%
7.200.000
600.000
39.200.000
4
10.800.000
10.800.000 : 2
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
450.000
44.600.000
5
10.800.000
10.800.000 : 2
5.400.000
450.000
50.000.000
In which:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
+
From the 4th year onwards, annual rate of depreciation is equal to the Residual
value of fixed assets (in the beginning of the 4th year) divided by the
remaining number of years of utilization of fixed assets (10.800.000 : 2 =
5.400.000). [Because in the 4th year: the rate of depreciation by reducing
balance method (10.800.000 x 40%= 4.320.000) is lower the average rate of
depreciation between the Residual value and remaining number of year of
utilization of fixed assets (10.800.000 : 2 = 5.400.000)].
III. Method of depreciation based on volume:
1.
Content of the method:
The fixed assets in enterprises are depreciated by
this method as follows:
-
Based on the technical-economic records of the fixed assets, the enterprises
shall determine the total amount and volume of products made according to the
design capacity of fixed assets, referred to as the output by capacity design.
-
Based on the actual situation of production, the enterprise shall determine the
actual amount and volume of products made monthly, annually of the fixed
assets.
-
Determining the monthly rate of depreciation of fixed assets by the following
formula:
Monthly rate of
depreciation of fixed assets
=
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
X
Average rate of
depreciation for a unit of product
In
which:
Average rate of
depreciation for a unit of product
=
Primary price of fixed
assets
Output by design capacity
-
Annual rate of depreciation of fixed assets is equal to the total rate of
depreciation of 12 months in a year or by the following formula:
Annual rate of
depreciation of fixed assets
...
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Amount of products yearly
made
X
Average rate of depreciation
for a unit of product
In
case the design capacity or primary price of fixed assets changes, the
enterprises shall re-determine the rate of depreciation of fixed assets.
2. Example of calculation and depreciation of fixed
assets:
For example: Company A purchased bulldozer (new 100%)
with the primary price of 450 million dong. The design capacity of this
bulldozer is 30m3/hour. The output by the design capacity of this
machine is 2.400.000 m3. The product volume gained in the first year
of this bulldozer is:
Month
Volume of product finished
(m3)
Month
...
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Month 1
14.000
Month 7
15.000
Month 2
15.000
Month 8
14.000
Month 3
...
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...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Month 9
16.000
Month 4
16.000
Month 10
16.000
Month 5
15.000
Month 11
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Month 6
14.000
Month 12
18.000
The rate of depreciation by the method of
depreciation based on volume is determined as follows:
- The average rate of depreciation for 1 m3
of bulldozed land= 450 million dong: 2.400.000 m3 = 187.5 dong/m3
- Rate of depreciation of the bulldozer is calculated
in the following table:
Month
Month Monthly actual
output
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Month Monthly rate of
depreciation
(dong)
1
14.000
14.000 x 187.5 = 2.625.000
2
15.000
15.000 x 187.5 = 2.812.500
3
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
18.000 x 187.5 = 3.375.000
4
16.000
16.000 x 187.5 = 3.000.000
5
15.000
15.000 x 187.5 = 2.812.500
6
14.000
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
7
15.000
15.000 x 187.5 = 2.812.500
8
14.000
14.000 x 187.5 = 2.625.000
9
16.000
16.000 x 187.5 = 3.000.000
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
16.000
16.000 x 187.5 = 3.000.000
11
18.000
18.000 x 187.5 = 3.375.000
12
18.000
18.000 x 187.5 = 3.375.000
...
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
35.437.500