The Ministry of Finance recently issued Circular 132/2018 / TT-BTC guiding the Accounting Regime for micro enterprises.
– Organizational structure: Microenterprises are arranged a person in charge of accounting without a chief accountant.
– Accounting books: Micro enterprises are able to build appropriate accounting books themselves. If it is impossible to build by itself, use the form and method of recording in this Circular;
– Accounting methods: Microenterprises are not required to open accounting accounts, only they can note on accounting books to monitor revenues and incomes;
– Financial statements: Micro enterprises are not required to prepare financial statements to submit to tax authorities.
This Circular takes effect from February 15, 2019, applicable to the fiscal year beginning on or after April 1, 2019.
(*) Microenterprises are enterprise with the average number of employees participating in social insurance not exceeding 10 people and the total turnover of the year is not more than 10 billion VND (trading and services companies) / 3 billion VND (agriculture, forestry, fisheries and industry, construction companies), or total capital of no more than VND 3 billion.
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