On December 28th, 2018, Ministry of Finance promulgated the Circular No.132/2018/TT-BTC. Whereby:
– Micro Enterprise is not required to have Chief Accountants and be allow to sign contract with an accounting service business to hire accounting services or Chief Accountants.
– Micro Enterprises, which pays Corporate Income Tax (CIT) by the method of calculating taxable income, still have to submit financial statements to the directly managed tax authority and the business registration agency.
– Micro Enterprises, which pays CIT according to the percentage of turnover from the sale of goods and services shall not compulsory to open accounting accounts. It only need to write on accounting books. The enterprise is not required to submit financial statements to tax authorities also.
This Circular takes effect from February 15th, 2019 and shall be applicable to the fiscal year which beginning on or after April 1st, 2019.
