6 notable points of Circular No. 88/2021/TT-BTC of the Ministry of Finance

1. Business households can choose the accounting regime

✨ First, it should be confirmed that the accounting regime as guided in Circular 88/2021 of the Ministry of Finance does not apply to all business households as current regulations (Decision 169/2000/QD-BTC). ).

✨ Instead, the objects of application of the new Circular are business households that pay tax according to the declaration method (that is, business households whose size in terms of revenue and labor meets the highest level of micro-small business’s criteria in accordance with the law on supporting small and medium-sized enterprises).

✨ Therefore, Clause 2, Article 3 of Circular 88 stipulates that business households may choose to apply the accounting regime according to this Circular or the micro-enterprise accounting regime to suit their management needs as well as their specific production and business activities characteristics.

✨ On the other hand, other business households that are not required to comply with the accounting regime but have a need are encouraged to apply according to this Circular.

2. The owner of the business household decides who to act as an accountant

🍀Clause 1, Article 3 of Circular 88 in 2021 of the Ministry of Finance clearly stipulates that the arrangement of accountants of business households is decided by the representative of the business household.

🍀 It is possible to arrange: Father, mother, adoptive father, adoptive mother, wife, husband, natural child, adopted child, brother, sister, younger brother to work as accountant or arrange someone to act as manager, operator, storekeeper, treasurer, the person assigned the task of regularly buying and selling assets concurrently works as an accountant.

🍀At present, Decision 169/2000/QD-BTC only states that business households must arrange people with accounting knowledge to keep and record bookkeeping.

3. 5 new accounting voucher samples of business households

🍂 Contents of accounting vouchers, the making, storage and signing of accounting/electronic accounting vouchers of business households and individuals shall be applied according to the provisions of Articles 16, 17, 18, and 19, Accounting law.

🍂 From January 1, 2022, business households apply 05 new accounting vouchers according to the provisions of Circular 88/2021/TT-BTC:

🍂 Instructions for making the above-mentioned accounting vouchers are detailed in Appendix 1 "Form and method of making accounting vouchers" issued together with this Circular.

4. 7 new bookkeeping templates for business households

⭐ Business households and individuals use bookkeeping according to the following list from January 1, 2022:

⭐  Accordingly, the purpose of use and the method of recording bookkeeping are guided in Appendix 2 "Forms and methods of recording bookkeeping " issued together with Circular 88.

⭐  In case a business household or business individual has many different business locations, the business household or individual must open an bookkeeping to monitor of details for each business location.

5. Determination of revenue, expenses and tax obligations

📌 The determination of revenue, expenses, and tax obligations for each business field and line of business of business households and individuals shall comply with the provisions of the tax law.

📌 Specifically, from August 1, 2021, the determination of revenue, expenses, etc. of business households is carried out in accordance with Circular 40/2021/TT-BTC.

6. Effectiveness

✅ Circular No. 88/2021/TT-BTC takes effect from January 1, 2022.

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