Further to the issuance of Decree No. 122/2011/ND-CP (see Vietnam-1, News 10 January 2012), the Ministry of Finance (MoF) issued Circular 123/2012/TT-BTC (Circular 123/2012) on 27 July 2012, replacing Circulars 130/2008, 177/2009, 40/2010 and 18/2011. Circular 123/2012 came into effect on 10 September 2012 and is applicable from the 2012 tax year onwards. The significant changes are noted below:
Income
(a) Taxable income.
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