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MEKONG COUNSEL

Circular on recording, evaluating, and handling foreign exchange differences in enterprises

On October 24, 2012, the Ministry of Finance issued Circular No. 179/2012/TT-BTC on recording, evaluating, and handling foreign exchange difference in enterprises. Accordingly, enterprises established and operated in Vietnam as regulated by laws (except credit institutions) shall be permitted to record the gain or loss due to foreign exchange differences and credit to financial incomes or expenses when determining incomes and deductible expenses upon determination of taxable incomes for corporate income tax. Differences may include:

 

- Foreign exchange differences during construction to form fixed assets of new enterprises prior to operation;

 

- Foreign exchange differences during business operation of the enterprises;

 

- Foreign exchange differences during dissolution, liquidation of the enterprises;

 

- Foreign exchange differences due to re-evaluation of foreign currency balance at the end of each accounting period (quarterly, biennally, yearly);

 

- Foreign exchange differences when consolidating financial statements of foreign operations, establishments and the financial statements of the enterprises.

 

This Circular shall be effective from December 10, 2012, applying to the fiscal year of 2012 and shall supersede Circular No. 201/2009/TT-BTC dated October 15, 2009 of the Ministry of Finance guiding the handling of foreign exchange differences in enterprises.