- Extra-small enterprises may choose to apply accounting regimes according to the instructions given in the Circular No. 132/2018/TT-BTC or those of medium- and small-sized enterprises defined in the Circular No. 133/2016/TT-BTC in 2016.
- Extra-small enterprises are not obliged to designate chief accountants and may sign contracts with accounting service providers to hire accounting or chief accountant services.
- This Circular has appendices showing sample accounting documents, records and financial reports intended for extra-small enterprises.
- If extra-small enterprises pay corporate income taxes (CIT) according to the method of calculation of CIT based on assessable income, they will remain to submit financial statements to supervisory tax authorities and other business registration agencies.
- With respect to extra-small enterprises paying CIT calculated based on the ratio (%) of CIT to sales of goods and services, if they do not have demand for application of accounting regimes, they will not be obliged to create multiple accounts to post entries and may make entries using the single-entry bookkeeping method.
Simultaneously, they are not obliged to submit financial statements to tax authorities.
The Circular No. 132/2018/TT-BTC will enter into force from February 15, 2019 and apply in the financial year starting on or after April 1, 2019.
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