Circular No. 45/2018/TT-BTC dated May 07, 2018 of the Ministry of Finance on guiding the regime for managing and calculating depreciation of fixed assets of agencies, organizations or units and fixed assets handed to enterprises by the State without calculation of the State capital portion of such enterprises

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Circular No. 45/2018/TT-BTC dated May 07, 2018 of the Ministry of Finance on guiding the regime for managing and calculating depreciation of fixed assets of agencies, organizations or units and fixed assets handed to enterprises by the State without calculation of the State capital portion of such enterprises
Issuing body: Ministry of FinanceEffective date:
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Official number:45/2018/TT-BTCSigner:Huynh Quang Hai
Type:CircularExpiry date:Updating
Issuing date:07/05/2018Effect status:
Known

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Fields:Enterprise , Finance - Banking

SUMMARY

Identification of fixed assets of State agencies

On May 07, 2018, the Ministry of Finance issues the Circular No. 45/2018/TT-BTC on guiding the regime for managing and calculating depreciation of fixed assets of agencies, organizations or units and fixed assets handed to enterprises by the State without calculation of the State capital portion of such enterprises.

This Circular prescribes about the identification of tangible fixed assets as follow: A tangible fixed asset and intangible fixed assets of agencies, organizations or units or enterprises must satisfy both requirements: The useful life is 01 year or more; The cost is VND 10,000,000 or higher.

Accordingly, the useful life and the depreciation rate of tangible fixed assets with cars for the job titles are 15 years and 6.67%, respectively.

If the tangible fixed assets are used in the area where the weather and environmental conditions can affect their depreciation, in necessary cases, the useful life of such assets shall be stipulated differently. The depreciation rate shall not be adjusted for more than 20% of the depreciation rate specified in this Circular.

This Circular takes effect on July 02, 2018.

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Effect status: Known

THE MINISTRY OF FINANCE

Circular No. 45/2018/TT-BTC dated May 07, 2018 of the Ministry of Finance on guiding the regime for managing and calculating depreciation of fixed assets of agencies, organizations or units and fixed assets handed to enterprises by the State without calculation of the State capital portion of such enterprises

Pursuant to the Law on Management and Use of Public Property dated June 21, 2017;

Pursuant to the Law on State Budget dated June 25, 2015;

Pursuant to the Government’s Decree No. 151/2017/ND-CP dated December 26, 2017 on guidelines for certain Articles of the Law on Management and Use of Public Property;

Pursuant to the Government’s Decree No. 87/2017/ND-CP dated July 26, 2017 on defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the request of the General Director of Department of Public Asset Management.

The Minister of Finance promulgates the Circular on guiding the regime for managing and calculating the depreciation of fixed assets of agencies, organizations or units and fixed assets handed to enterprises by the State without calculation of the State capital portion of such enterprises.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of adjustment

1. This Circular guides the regime for managing and calculating the depreciation of fixed assets of regulatory agencies, public sector entities, units of people’s armed force, agencies of Communist Party of Vietnam and organizations funded by the State (hereinafter referred to as “agencies, organizations, units”) and of fixed assets handed to enterprises by the State without calculation of the State capital portion of such enterprises.

2. Regulations of the Minister of National Defence and the Minister of Public Security shall apply to depreciation of special and specialized fixed assets of the units of people's armed force specified in Clause 1, Clause 2, Article 64 of the Law on Management and Use of Public Property,

3. Regulations of the Minister of Finance shall apply to depreciation of infrastructure assets which serve national and public interests and are specified in Clause 2, Article 4 of the Law on Management and Use of Public Property.

Article 2. Subjects of application

1. The regime for managing and calculating the depreciation of fixed assets specified in this Circular shall apply to:

a. Fixed assets of regulatory agencies, public sector entities, units of people's armed force, agencies of Communist Party of Vietnam and social-political organizations.

b. Fixed assets which are office buildings, public service facilities of social-political and professional organizations, social organizations, social-professional organizations and other organizations which are established in accordance with the regulations in Clause 1, Article 69, Clause 2, Article 70 of the Law on Management and Use of Public Property.

c. Fixed assets handed to the enterprises by the State without calculation of the State capital portion of such enterprises.

2. Social-political organizations, social organizations, social-professional organizations and other organizations, which are established according to the law shall be encouraged to apply the regulations specified in this Circular, with the aim to manage and calculate the depreciation of fixed assets which are not specified in Clause 1, Article 69, Clause 2, Article 70 of the Law on Management and Use of Public Property.

Chapter II

REGULATIONS ON MANAGEMENT OF FIXED ASSETS

Article 3. Identification of fixed assets

1. Identification of tangible fixed assets

 A tangible fixed asset is an asset that has a physical form, independent structure, or is a system composed of multiple separate parts connected together to perform one or certain functions, and satisfy both requirements below:

a. The useful life is 01 (one) year or more.

b. The cost is VND 10,000,000 (ten million VND) or higher.

2. Identification of intangible fixed assets

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Circular No. 16/2023/TT-BTC dated March 17, 2023 of the Ministry of Finance amending and supplementing a number of articles of the Ministry of Finance’s Circular No. 36/2021/TT-BTC dated May 26, 2021, guiding a number of contents regarding investment of state capital in enterprises and management and use of capital and assets at enterprises as prescribed in Decree No. 91/2015/ND-CP dated October 13, 2015; Decree No. 32/2018/ND-CP dated March 08, 2018; Decree No. 121/2020/ND-CP dated October 09, 2020, and Decree No. 140/2020/ND-CP dated November 30, 2020, of the Government

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