Simplifying accounting regime for macro-enterprises
VGP – The Ministry of Finance on December 28, 2018 issued Circular No. 132/2018/TT-BTC providing guidance on the accounting regime with regard to micro-enterprises (“Circular 132”).
Question: What is the exclusive accounting regime to macro-enterprises paying corporate income tax?
Answer: Circular 132 provides simpler application of the exclusive accounting regime to micro-enterprises paying CIT by the calculation method based on the sales ratio than the one to those paying CIT through the calculation method based on assessable income.
In case of no demand, such enterprises will only do the single entry bookkeeping without being obliged to open accounting account.
Additionally, Circular 132 also stipulates that such enterprises are not required to make financial reports.
In the event of applying the accounting regime to microenterprises paying CIT through the calculation method based on assessable income, such enterprises must still make financial statements only in order to use and store for inspection and audit without submission to tax authorities./.