Losses incurred by the merged entity prior to the merger must be tracked in detail by year of occurrence and offset against the income of the merged entity in the same year, or carried forward to the income of subsequent years of the merged entity to ensure the principle of carrying forward losses continuously for no more than 5 years, starting from the year following the year in which the loss was incurred.
According to Article 7 of Circular No. 96 of 2015 issued by the Ministry of Finance, merged enterprises must settle their tax obligations with the tax authorities up to the time of the merger decision by the competent authority.
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