Ministry of Finance issued an amendment to the guidelines on Enterprise Income Tax Audit (EITAG) on 4 January 2017. According to the amended guideline income tax returns of enterprises of 2016 are required to be submitted before 31 May 2017.
The main amendment to the EITAG includes: the cost recovery method to profit and loss calculations for construction businesses; include a new financial lease accounting method; key assessment fees to be recognized as capital expenditure and a change in the depreciation of fixed assets.
