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. -   Leasing. Revenue from the leasing assets may be recognized over the lease term or in full in the tax year, except where the income qualifies for CIT incentives. In which case, it should be allocated over...