Principles of Collection, Submission, Management, and Use of Depreciation of Fixed Assets

10:50, 11/07/2024

Depreciation of fixed assets is the systematic determination and allocation, based on certain principles, to account into production and business expenses during the period.

According to the guidance stated in Circular 65/2018/TT-BQP, the collection, remittance, management and use of depreciation of fixed assets must ensure the following principles:

First, depreciation of fixed assets is a state budget revenue within the defense sector.

Second, annually, defense production enterprises shall remit the entire amount of depreciation of fixed assets invested with state capital to the Ministry of National Defense through the Military Finance System. The determination and deduction of depreciation of fixed assets invested with state capital shall be conducted in accordance with the prevailing regulations of the law on depreciation of fixed assets.

Third, the collection and remittance of depreciation of fixed assets shall not reduce the state capital investment in defense production enterprises in the medium and long term.

Fourth, the Ministry of National Defense uses the revenue from depreciation of fixed assets to allocate concentrated investment to defense production enterprises.

More details can be found in: Circular 65/2018/TT-BQP issued on May 16, 2018, and effective from July 2, 2018.

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