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On 26 August 2016, the Ministry of Finance issued Circular 133/2016/TT-BTC to provide the Vietnamese Accounting Regime for small and medium sized enterprises (“SMEs”). SMEs are defined as enterprise that employs less than 200 laborers working full-time during year and attaining year revenue not exceeding 20 billion dong).

Circular No. 200/2014/TT-BTC provides guidelines on accounting policies for both local and foreign enterprises in Vietnam for the fiscal year beginning January 1, 2015.

It applies to the selection of a foreign currency for accounting purposes, accounting principles for turnover from sale of goods and services, and other areas. It replaced Circular No. 244/2009/TT-BTC and Decision No. 15/2006/QD-BTC. Below are some of the major changes to the accounting and financial reporting rules in this Circular. 

Ministry of Finance guidelines on personal income tax (PIT) in Circular No. 92/2015/TT-BTC came into effect on 30 July, 2015, applying to the 2015 tax period.

The revised Circular issues the new tax declaration forms required to use in monthly, quarterly, annual tax returns and other PIT related documents. The Circular affects PIT calculation, employment and investment and rental income. Highlights of the new Circular are as below.