Official letter No.3114/TCT-CS released on 30th August, 2012 about guiding financial statement preparation, CIT settlement for equitized state-owned enterprises.
Preparation of financial statements: On condition of equitization. When valuation period and official equitization period occur on two consecutive years , respectively, the enterprise only allowed to prepare one financial statement for the entire period. If cases do not have those properties mentioned above, the company shall make the finnacial statement at the time: period of determining the enterprise value on 31st December, and official time to become joint stock company.
Tax settlement period: If enterprise valuation period happen the year before and official equitization happen the following year (but not exceeding 15 months in total ), the enterprise prepare tax declaration sheet for the entire period. For cases in excess of 15 months, the company settle tax obligation at the time: the time of determing the enterprise value on 12th December and the time of officially becoming joint stock company.
