On February 21st, 2023, the Bac Giang Tax Department issued Official Letter No.743/CTBGI-TTHT, according to which:
In case the Company operates with high economic efficiency, it is allowed to quickly depreciate fixed assets but not more than twice the depreciation rate determined by the straight-line method for some fixed assets as prescribed by current regulations of the Ministry of Finance on the regime of management, use and depreciation of fixed assets. When implementing accelerated depreciation, the company must ensure that the business is profitable.
The Company shall notify the method of rapid depreciation of fixed assets, the time of depreciation to the tax authority before starting to put the fixed assets into use and depreciate.
