(LVA) Calculate tax depreciation on fixed assets [AX 2012]

Updated: December 5, 2012

Applies To: Microsoft Dynamics AX 2012 R3, Microsoft Dynamics AX 2012 R2

In accordance with the Latvian legal requirements, the income tax for business organizations is adjusted using asset depreciation and is calculated using the tax depreciation method. You can calculate tax depreciation for an individual asset or for a category of fixed assets.

You must prepare and submit tax depreciation reports with your annual corporate income tax returns.

  1. Click Fixed assets > Periodic > Tax depreciation.

  2. Press CTRL+N to create a new calculation date for the tax depreciation.

  3. In the Period name field, enter a name for the tax depreciation for the specified calculation date.

  4. In the Period status field, select the period status for the calculation date.

    NoteNote

    If the period status is set to Closed, you cannot reopen the period and recalculate the tax depreciation.

  5. Click Calculate to calculate the tax depreciation for the value models that are selected in the Category field.

    NoteNote

    Each asset is assigned a tax category. Depending on the type of asset, tax depreciation is calculated for each asset or for all items in the category as a group. As an example, if depreciation is calculated for a category, the calculation would be: the total tax net book value of the category at the beginning of the period, plus the total value of any new acquisitions and capital improvements in that category over the period, minus the total financial net book value of disposals in the category over the period, multiplied by the defined depreciation rate for the category.

  6. You can click Tax depreciation details to view the calculation results.

    NoteNote

    To view the results by tax categories, select a value model in the Category field. You can modify the calculation results, if necessary.


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