Circular No. 132/2018/TT-BTC - microenterprises shall apply accounting regulations

Circular No. 132/2018/TT-BTC - microenterprises shall apply accounting regulations 31/01/2019 02:20:00 72

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According to the Circular No. 132/2018/TT-BTC of the Ministry of Finance, from the financial year commencing from or after April 1, 2019, microenterprises shall apply accounting regulations, in specific:

A microenterprise shall not be required to appoint a chief accountant; if available, it is entitled to engage chief accountant services.

A microenterprise paying CIT in the CIT-to-sales ratio (%) is not bound to prepare and submit a financial statement to the tax authority.

A microenterprise, at their discretion, may choose accounting regulations under either Circular 132 or Circular 133/2016/TT-BTC on accounting regulations for small and medium-sized enterprises.

Circular 132 comes into force from February 15, 2019.