New guidance on accounting organization for business households and individuals in Vietnam

Bao Ngoc

09:14, 19/10/2021

The Ministry of Finance of Vietnam has promulgated Circular 88/2021/TT-BTC dated 11/10/2021 guiding the succession regime accounting for business households and individuals.

According to the Circular, the regulations on organization of accounting work are as follows:

- The arrangement of accountants of business households and individuals shall be decided by the representative of the business household or business individual.

The representative of a business household or business individual may arrange his or her biological father, mother, adoptive father, adoptive mother, wife, husband, biological child, adopted child, brother, sister or younger brother as an accountant for the business household, business individuals or appointing people to act as managers, executives, storekeepers, cashiers, people who are assigned the task of regularly buying and selling assets to work as accountants for business households and individuals.

- Business households and individuals shall comply with the accounting regime guided in Circular 88/2021 of Vietnam or be selected to apply the micro-enterprise accounting regime to suit management needs and characteristics of production and business activities of business households and individuals.

- Business households and individuals may apply the provisions of Article 41 of the Law on Accounting and Articles 9 to 17 of Decree 174/2016/ND-CP to preserve and archive accounting documents for service purposes. for the determination of tax liability.

Circular 88/2021/TT-BTC of Vietnam takes effect from January 1, 2022 and replaces Decision 169/2000/QD-BTC; Decision 131/2002/QD-BTC.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

120 lượt xem

- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn