Legal Counselling

Extra-small enterprises in Vietnam are not required to have chief accountants

14:37, 10/01/2019

This is a featured content of Circular No. 132/2018/TT-BTC of the Ministry of Finance of Vietnam providing guidance on accounting regimes of extra-small enterprises.

According to Circular No. 132/2018/TT-BTC of the Ministry of Finance of Vietnam, the design of accounting machinery and accountants of extra-small enterprises is as follows:

- Extra-small enterprises shall be charged with performing accounting duties without being bound to appoint the chief accountant. Extra-small enterprises paying CIT in the CIT-to-sales ratio (%) can, at their discretion, undertake accounting tasks.

- Recruitment and appointment of a staff member as an accountant for an extra-small enterprise shall be required not to violate provisions laid down in Article 19 of Decree No. 174/2016/ND-CP of Vietnam’s Government.

- Extra-small enterprises shall be entitled to sign contracts with accounting service providers to hire accounting or chief accountant services in accordance with legislation in effect. The list of accounting service providers conforming to accounting service business requirements shall be published and updated on a periodic basis on the Web Portal of the Ministry of Finance.

View the list of accounting documents at Circular No. 132/2018/TT-BTC of the Ministry of Finance of Vietnam, effective from February 15, 2019.

- Thanh Lam -

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

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