The January 2019 publication on Tax and Accounting updates looks at recent releases from Vietnamese authorities, looking at recent changes to accounting options for micro enterprises, along with their regular review of recent Official Letters released by the Tax Authorities.

ACCOUNTING REGIME FOR MICRO-ENTERPRISES

On 28 December 2019, the Ministry of Finance issued Circular 132/2018/TT-BTC regarding application of accounting regimes for micro-enterprises. The Circular takes effect from 15 February 2019.

According to the Circular, micro-enterprises can choose to follow the accounting regime under this Circular or the regime for small and medium enterprises under Circular 133/2016/ TT-BTC issued in 2016. However, the accounting regime chosen must remain consistent within a financial year.

The Circular provides standard templates for accounting vouchers, accounting ledgers and financial statements for micro-enterprises. These enterprises can also choose to build their own accounting voucher templates or apply the templates provided in the Circular.

According to Article 6 of Decree 39/2018/ND-CP, micro-enterprises are enterprises that meet the following criteria: ٠ For the agriculture, forestry, fishery, industrial and construction sectors:

i) the average number of employees registered for Social Insurance does not exceed 10 employees each year, and

ii) total revenue is not more than 3 billion VND per year, or the total capital is not more than VND 3 billion.

٠ For the trading and services sectors:

i) the average number of employees registered for Social Insurance does not exceed 10 employees each year, and

ii) total revenue is not more than 10 billion VND per year, or the total capital is not more than VND 3 billion.

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