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.
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