On 28/12/2018, the Ministry of Finance promulgated Circular No. 132/2018/TT-BTC guidance on accounting regime for micro-enterprises. This Circular takes effect from 15/02/2019, application for the financial year that begins or after 01/04/2019.
Accordingly, the subjects applying Circular No. 132/2018/TT-BTC are micro enterprises (are enterprises with no more than 10 employees paying social insurance; annual revenue or capital source of no more than VND 3 billion in the field of agriculture – forestry, fisheries, industry and construction; Having no more than 10 labors paying social insurance and total of revenue no more than 10 billion or total of capital no more than 03 billion dongs if in the field of trade and service), consist of microenterprises paying e corporate income tax by the method calculated on taxable income and method by percentage of sales of goods and services.
Accounting regime for micro enterprises has the following characteristics:
– About organizational structure: Microenterprises are arranged in charge of accounting without having to have a chief accountant;
– About accounting books: Microenterprises are able to build appropriate accounting book forms themselves. If it is impossible to build by itself, use the form and method of recording in this Circular;
– About accounting methods: Microenterprises without demand are not required to open accounting accounts but only write applications on accounting books to monitor revenues and incomes;
– About financial statements: Microenterprises are not required to prepare financial statements to submit to tax authorities. In addition to regulatory reports, micro-enterprises can make accounting reports for corporate governance and management.
It can be seen that, with new points mentioned above, Circular No. 132/2018/TT-BTC is expected to reduce the costs and burdens of personnel, compact in accounting books, solve problems when business households change to business type.