Micro-Enterprises: Accounting Regime, Bookkeeping, Services

May micro-enterprises choose to apply the accounting regime for small and medium enterprises?

The accounting regime for micro-enterprises is prescribed in Clause 3, Article 3 of Circular 132/2018/TT-BTC as follows:

Application of the accounting regime

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1. Micro-enterprises paying CIT based on taxable income shall apply the accounting regime prescribed in Chapter II of this Circular.

2. Micro-enterprises paying CIT at a percentage rate on revenue from sales of goods and services shall apply the accounting regime prescribed in Chapter III of this Circular, or may choose to apply the accounting regime prescribed in Chapter II of this Circular.

3. Micro-enterprises may choose to apply the SME Accounting Regime issued under Circular 133/2016/TT-BTC dated 26/8/2016 of the Ministry of Finance, suitable to their production and business characteristics and management requirements.

4. Micro-enterprises must apply a consistent accounting regime within a fiscal year. Changes to the applied accounting regime may only be made at the beginning of the next fiscal year.

Accordingly, under the above provision, micro-enterprises may choose to apply the SME Accounting Regime issued under Circular 133/2016/TT-BTC, suitable to their production and business characteristics and management requirements.

Where must accounting vouchers and books of micro-enterprises be kept?

The place for keeping accounting vouchers and books of micro-enterprises is prescribed in Clause 1, Article 7 of Circular 132/2018/TT-BTC as follows:

Provisions on storage and preservation of accounting documents

1. Accounting vouchers, accounting books, and other accounting documents must be kept at the enterprise to serve daily recording; to determine the micro-enterprise’s tax obligations to the state budget; and for inspection and control by the enterprise owner, tax authorities, or other competent state authorities.

2. The preservation and storage of accounting documents of micro-enterprises shall follow the Law on Accounting (as amended and supplemented by Law No. 56/2024/QH15) and Decree 174/2016/ND-CP dated 30/12/2016 of the Government detailing certain articles of the Law on Accounting (as amended and supplemented by Law No. 56/2024/QH15).

3. Micro-enterprises may store accounting vouchers, accounting books, and other accounting documents on electronic media in accordance with the Law on Accounting (as amended and supplemented by Law No. 56/2024/QH15).

Accordingly, accounting vouchers, accounting books, and other accounting documents must be kept at the micro-enterprise to serve daily recording; to determine the micro-enterprise’s tax obligations to the state budget; and for inspection and control by the enterprise owner, tax authorities, or other competent state authorities.

Note: Micro-enterprises may store accounting vouchers, accounting books, and other accounting documents on electronic media in accordance with the Accounting Law 2015 (as amended and supplemented by Law No. 56/2024/QH15).

May micro-enterprises contract with accounting service providers to hire accounting services?

Contracting with accounting service providers to hire accounting services is prescribed in Clause 3, Article 8 of Circular 132/2018/TT-BTC as follows:

Organisation of the accounting apparatus and accounting personnel

1. Micro-enterprises may appoint a person in charge of accounting without being required to appoint a chief accountant. Micro-enterprises paying CIT at a percentage rate on revenue from sales of goods and services may organise accounting work themselves in accordance with Chapter III of this Circular.

2. The appointment of accounting personnel by micro-enterprises must ensure no violation of Article 19 of Decree 174/2016/ND-CP dated 30/12/2016 of the Government detailing certain articles of the Law on Accounting (as amended and supplemented by Law No. 56/2024/QH15).

3. Micro-enterprises may contract with accounting service businesses to hire accounting services or chief accountant services in accordance with the law. The list of eligible accounting service businesses is published and updated periodically on the Ministry of Finance’s electronic portal.

Accordingly, under the provision, micro-enterprises may contract with accounting service businesses to hire accounting services or chief accountant services in accordance with the law.

The list of eligible accounting service businesses is published and updated periodically on the Ministry of Finance’s electronic portal.