Guidance on application of accounting regimes to extra-small enterprises in Vietnam

15:17, 09/01/2019

Recently, the Ministry of Finance of Vietnam issued Circular No. 132/2018/TT-BTC providing guidance on accounting regimes of extra-small enterprises.

Accounting regimes applicable to extra-small enterprises in Vietnam are specified as follows:

- Extra-small enterprises paying their CIT calculated according to the method of calculation of CIT based on assessable income shall apply the accounting regime specified in Chapter II in Circular No. 132/2018/TT-BTC of the Ministry of Finance of Vietnam.

- Extra-small enterprises paying CIT calculated according to the method of calculation of CIT based on the CIT-to-sales ratio (%) shall apply the accounting regime specified in Chapter III herein or may opt to apply the accounting regime specified in Chapter II in Circular No. 132/2018/TT-BTC.

- Extra-small enterprises may opt to apply the accounting regime to medium and small enterprises which is enshrined in Circular No. 133/2016/TT-BTC of the Ministry of Finance of Vietnam.

- Extra-small enterprises shall have the burden of applying the uniform accounting regime in a financial year. Change of the applied accounting regime may only be made in the beginning of the following financial year.

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

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