In Vietnam, is it permissible to destroy accounting documents with expired retention period?
In Vietnam, is it permissible to destroy accounting documents with expired retention period? How to determine the retention period of accounting documents in Vietnam?
Hello Lawnet. I have just applied to work as an accountant for an enterprise. They are storing some accounting documents dated from 2002. Is it permissible to destroy them? Thank you!
In Vietnam, is it permissible to destroy accounting documents with expired retention period?
Pursuant to Article 16 of the Decree 174/2016/ND-CP stipulating destruction of accounting documents in Vietnam as follows:
1. When the retention period expires and no directions are given by competent authorities, accounting documents may be destroyed under a decision of the accounting unit’s legal representative.
2. An accounting unit must destroy its own accounting documents.
3. The accounting unit may decide the destruction method such as burning, cutting, shredding, etc. as long as the destroyed documents can no longer be read.
As regulations above, you must check their retention period before destroying. When the retention period expires and no directions are given by competent authorities, they are allowed to be destroyed under a decision of the accounting unit’s legal representative.
How to determine the retention period of accounting documents in Vietnam?
Pursuant to Article 15 of the Decree 174/2016/ND-CP stipulating determination of retention period of accounting documents in Vietnam as follows:
1. For the documents specified in Article 12, Clause 1, 2, 7 Article 13 and Article 14 hereof, the retention period begins on the ending date of the fiscal year.
2. For the documents specified in Clause 3 Article 13 hereof, the retention period begins from the day on which the financial statement of the completed project is approved.
3. The retention period for accounting documents related to the unit establishment begins on the establishment date; for accounting documents related to division, consolidation, merger, conversion of an enterprise begins on the date of division, consolidation, merger or conversion; for accounting documents related to dissolution, bankruptcy, shutdown, termination of a project begins on the day on which the dissolution, bankruptcy, shutdown or termination procedures are completed; for accounting documents related to audit or inspection documents begins on the issuance date of the audit report or inspection report.
Best regards!
