Micro enterprises can choose to apply the accounting regime guided under Circular 132/2018 / TT-BTC or the small and medium enterprise accounting system issued under Circular 133/2016 / TT-BTC year 2016.
A very small enterprise is not required to arrange a chief accountant and may sign a contract with an accounting service provider to hire accounting services or chief accountant services.
This Circular is enclosed with forms of accounting vouchers, accounting books and financial statements for micro enterprises.
For micro enterprises that pay corporate income tax (CIT) according to the method of calculating taxable income, they still have to submit their financial statements to the supervisory tax authority and the business registration office.
For micro enterprises that pay CIT calculated as a percentage of the sales of goods and services, if they do not have demand, they are not required to open accounting accounts, but only write applications in the accounting books.
At the same time, businesses are not required to submit their financial statements to the tax authorities.
Circular 132/2018 / TT-BTC takes effect from February 15, 02, applicable to the fiscal year starting on or after April 2019, 01.