Individual Business Households Paying Tax According to Presumptive Method (Presumptive Households): Are They Required to Implement Accounting Policies?

Based on Clause 2, Article 7 of Circular 40/2021/TT-BTC (Effective from August 01, 2021) stipulating the tax calculation method for business households, individual businesses paying tax by the presumptive method as follows:

Business households, individual businesses paying tax by the presumptive method (Presumptive Taxpayers) are not required to implement accounting policies. Presumptive Taxpayers using single invoices must store and present to the tax authorities the invoices, documents, contracts, dossiers proving the lawful origin of goods and services when requesting the issuance or sale of single invoices on each occurrence. Particularly, presumptive taxpayers doing business in border markets, border gate markets, and markets in border gate economic zones within the territory of Vietnam must store invoices, documents, contracts, and dossiers proving the lawful origin of goods and present them when requested by competent state management authorities.

Thus, business households, individual businesses paying tax by the presumptive method (Presumptive Taxpayers) are not required to implement accounting policies as stipulated above.

Sincerely!