On April 17, 2015, the General Department of Taxation issued Official Letter No. 1501/TCT-CS providing guidance on foreign insurance expenses to form fixed assets which are appropriate and in compliance with related laws and have sufficient invoices, vouchers as prescribed, then:
· The amount of insurance expenses incurred during the construction period to form fixed assets shall be account into the value of the construction projects.
· The amount of insurance expenses incurred during the operation period shall be calculated as deductible expenses for CIT purpose.
The FCT declaration, payment for the foreign insurance expenses shall be implemented as regulation.
