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What are the general accounting treatments on tax year in Vietnam?
Q&AThe current corporate income tax regulations provide that the basis period for the tax year can be either the calendar or fiscal year. The maximum length for a single tax year is 15 months; any period of time that is more than 15 months should be separated into a second tax year.
For example, if the first year’s operation begins on August 1, and the company uses a calendar year for reporting, then they should have two separate tax years: the first being from August 1 to December 31, and the second from January 1 to December 31 of the following year.
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