Regulations on accounting documents of extra-small enterprises paying CIT in the cit-to-sales ratio (%) in Vietnam

Regulations on accounting documents of extra-small enterprises paying CIT in the cit-to-sales ratio (%) in Vietnam
Le Truong Quoc Dat

What are the regulations on accounting documents of extra-small enterprises paying CIT in the cit-to-sales ratio (%) in Vietnam? What are the accounting methods of extra-small enterprises? - Van Dai (Ben Tre, Vietnam)

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Regulations on accounting documents of extra-small enterprises paying CIT in the cit-to-sales ratio (%) in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Regulations on accounting documents of extra-small enterprises paying CIT in the cit-to-sales ratio (%) in Vietnam

According to Article 15 of Circular 132/2018/TT-BTC, extra-small enterprises paying CIT in the cit-to-sales ratio (%) shall use accounting documents listed hereunder:

-  Extra-small enterprises paying CIT in the cit-to-sales ratio (%) shall use accounting documents listed hereunder:

No.

Description

Code

I

Accounting documents prescribed in Circular 132/2018/TT-BTC.

 

1

Cash receipt

Form No. 01-TT

2

Cash payment note

Form No. 02-TT

3

Goods-received note

Form No. 01-VT

4

Goods dispatch note

Form No. 02-VT

5

Wage, salary and other income payment worksheet

Form No. 01-LĐTL

II

Accounting documents prescribed by other laws on taxes

 

1

VAT or sales invoices

 

2

Slip of payment of taxes to the State Budget

 

3

Bank’s Debit note

 

- Forms, charts or templates of accounting documents, contents and methods of formulation of accounting documents, referred to in clause 1 of Article 15 of Circular 132/2018/TT-BTC, shall be subject to instructions given in the Appendix 1 “Forms or templates and methods of formulation of accounting documents” attached to Circular 132/2018/TT-BTC.

In addition to accounting documents referred to in clause 1 of this Article, extra-small enterprises may opt to use accounting documents referred to in clause 1 of Article 9 of Circular 132/2018/TT-BTC or the Circular 133/2016/TT-BTC in order to meet requirements concerning management of business activities of these enterprises.

- Sales invoices

+ Sales invoice is an accounting documents recording completed sales of goods or services.  Sales invoices may be either VAT invoices or sales receipts depending on legislative regulations on taxes applied to specific methods of payment of VAT employed by extra-small enterprises, including:

++ With respect to extra-small enterprises paying VAT according to the withholding method, sales invoices issued to clients shall be VAT invoices.

++ With respect to extra-small enterprises paying VAT according to the income method, sales invoices issued to clients shall be sales receipts.

+ Sales invoices issued by extra-small enterprises to clients upon sale of goods or services shall serve as a basis for determining their CIT obligations to the State Budget.

- Documents evidencing payment of wages, salaries and other incomes to employees shall serve as a basis for determining PIT obligations of these enterprises’ employees to the State Budget.

- Documents evidencing payment of taxes to the State Budget shall serve as a basis for assessing fulfillment of tax obligations of extra-small enterprises to the State Budget.

2. Accounting method of extra-small enterprises in Vietnam

Accounting method of extra-small enterprises in Vietnam according to Article 16 of Circular 132/2018/TT-BTC is as follows:

-  If extra-small enterprises paying CIT calculated according to the method of calculation of CIT based on the CIT-to-sales ratio (%) do not wish to open accounts:

They shall not be bound to do so, but may make entries by using the single-entry bookkeeping method in accounting books (in a way of only recording business transactions into entries or accounts for monitoring purposes and not needing to post corresponding and opposite entries to different accounts) in order to keep track of revenues and incomes, taxes payable to the State, salaries, wages or other amounts retained from salaries or wages, etc. for the purposes of determining their tax obligations to the State Budget.

- If extra-small enterprises paying CIT calculated according to the method of calculation of CIT based on the CIT-to-sales ratio (%) wish to use bookkeeping accounts like those paying CIT calculated according to the method of calculation of CIT based on assessable income in order to meet the demands of management of their business activities:

They shall be entitled to do so by applying regulations set forth in Chapter II of Circular 132/2018/TT-BTC.

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