Current accounting regimes

  • 12/07/2022 17:09

1. What is the accounting regime?

🔰  According to the Law on Accounting 2015, the accounting regime is the regulations and instructions on accounting in a specific field a number of specific jobs promulgated by the state management agency in charge of accounting or by an organization authorized by the state management agency in charge of accounting.

🔰 One of the accounting tasks is to collect and process accounting information and data according to the objects and contents of the accounting work, according to accounting standards and accounting regimes. Thus, it can be seen that enterprises must comply with the correct accounting regime for their business.

2. Current accounting regimes:

2.1. Accounting mode for micro-enterprises:

✔ According to Circular 132/2018/TT-BTC, the objects to apply the accounting regime are micro-enterprises, which pay CIT calculated on taxable income/percentage of revenue earned from goods and services. service.

✔ Micro enterprises operating in the fields of agriculture, forestry, fishery and industry, and construction. Enterprises have an average number of employees participating in social insurance not exceeding 10 people/year. One more condition is that the total capital or total revenue per year is not more than 3 billion VND.

✔ Micro enterprises operating in the field of services and commerce. Enterprises have an average number of employees participating in social insurance not exceeding 10 people/year. At the same time, the total capital must not exceed 3 billion VND or one-year revenue is not more than 10 billion VND.

2.2. Accounting regime for small and medium enterprises:

✔ According to Circular 133, this accounting regime applies to small and medium-sized enterprises (including micro-enterprises) of all economic fields and sectors in accordance with the regulations on supporting small and medium enterprises. Except for State-owned enterprises owning more than 50% of charter capital, public companies as prescribed by the law on securities and cooperatives or unions of cooperatives under the Law on Cooperatives.

✔ Small and medium-sized enterprises in the fields of oil and gas, electricity, securities, insurance, etc. are issued or approved by the Ministry of Finance to apply a specific accounting regime.

2.3. Enterprise accounting system:

✔ The corporate accounting regime according to Circular 200 applies to enterprises of all fields and economic sectors, including small and medium-sized enterprises that are performing accounting according to Corporate Accounting

✔ Small and medium enterprises if they find it suitable to their management requirements and business characteristics.

2.4. Accounting system for enterprises, administrative and non-business units:

✔ Circular 107 stipulates the administrative and non-business accounting regime applicable to state agencies or public non-business units (except for public non-business units that self-finance recurrent and investment expenditures), other units, and organizations with or without a state budget.

2.5. Accounting regime applied to deposit insurance in Vietnam:

✔ Circular 177 promulgates the accounting regime applicable to deposit insurance in Vietnam, including Head Offices of units under Vietnam Deposit Insurance (Branches).

3. How to change the accounting regime:

👉 Step 1: Make an official letter to change the accounting regime

➥ Determine the accounting regime you want to apply.

➥ Prepare a dispatch to change the applicable accounting regime.

👉 Step 2: Submit the letter

➥ Submit the official letter to the one-stop department at the tax authority.

➥ Number of copies submitted: 02 copies. The tax authority keeps 1 copy, stamps it for certification, and returns 1 copy to the enterprise for storage.

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