When can a micro-enterprise change its accounting regime? Can micro-enterprises develop their own accounting voucher forms?

When can micro-enterprises change their accounting regime?

The accounting regime for micro enterprises is specified in Clause 4, Article 3 of Circular 132/2018/TT-BTC as follows:

Apply accounting regime

1. Micro enterprises pay corporate income tax according to the taxable income method and apply the accounting regime prescribed in Chapter II of this Circular.

2. Micro enterprises that pay corporate income tax calculated at a percentage of revenue from the sale of goods and services apply the accounting regime prescribed in Chapter III of this Circular or can choose to apply the accounting regime as prescribed in Chapter II of this Circular.

3. Micro enterprises can choose to apply the Small and Medium Enterprise Accounting Regime issued under Circular No. 133/2016/TT-BTC dated August 26, 2016 of the Ministry of Finance to suit the characteristics of production and business activities and management requirements of the enterprise.

4. Micro enterprises must apply consistent accounting regimes within a financial year. Changes to the applicable accounting regime can only be made at the beginning of the next fiscal year.

According to the above regulations, micro enterprises must apply a consistent accounting regime within a financial year.

Changing the applicable accounting regime can only be done now the beginning of the next fiscal year.

Can micro-enterprises create their own accounting voucher forms?

The form of accounting documents for micro enterprises is specified in Clause 3, Article 4 of Circular 132/2018/TT-BTC as follows:

Accounting documents

1. The content of accounting documents, the preparation and signing of accounting documents of micro enterprises comply with the provisions of Article 16, Article 17, Article 18, Article 19 of the Accounting Law and specific instructions in this Circular.

2. Contents, forms of invoices, procedures for creating, managing and using invoices (including electronic invoices) comply with the provisions of tax law.

3. Micro-enterprises are allowed to develop their own accounting voucher forms suitable to the characteristics of their business activities, ensuring clarity, transparency, ease of inspection and control (except for invoices for sales of goods and services). In case a micro-enterprise cannot develop its own accounting voucher form, it can apply the form and method of preparing accounting vouchers guided in Appendix 1 of this Circular.

Thus, according to regulations, micro enterprises are allowed to develop their own accounting voucher forms suitable to the characteristics of their business activities, ensuring clarity, transparency, ease of inspection and control (except for invoices for sales of goods and services).

Note: In case a micro-enterprise cannot build its own accounting voucher form, it can apply the form and method of preparing accounting vouchers guided in Appendix 1 issued with Circular 132/2018/TT-BTC.

Are micro enterprises required to have a chief accountant?

The organization of the accounting apparatus of a micro enterprise is specified in Clause 1, Article 8 of Circular 132/2018/TT-BTC as follows:

The organization of the accounting apparatus and accountants math

1. Micro-enterprises are assigned to be in charge of accounting without being required to appoint a chief accountant. Micro-enterprises that pay corporate income tax at a percentage of revenue from sales of goods and services can organize their own accounting work according to the provisions of Chapter III of this Circular.

2. The arrangement of accountants for micro-enterprises must ensure not to violate the provisions of Article 19 of Decree No. 174/2016/ND-CP dated December 30, 2016 of the Government detailing a number of articles of the Accounting Law.

3. Micro-enterprises are allowed to sign contracts with accounting service units to hire accounting services or chief accountant services according to the provisions of law. The list of units qualified to provide accounting services is published and periodically updated on the Electronic Information Portal of the Ministry of Finance.

According to the above regulations, micro enterprises are assigned to be in charge of accounting, but are not required to arrange a chief accountant.

Micro-enterprises that pay corporate income tax at a percentage of revenue from sales of goods and services can organize their own accounting work according to the provisions of Chapter III Circular 132/2018/TT-BTC.

In addition, micro-enterprises can also sign a contract with an accounting service business unit to hire accounting services or chief accountant services for their business according to the provisions of law.