Vietnam: Accounting regime of enterprises performing political tasks

09:50, 12/02/2016

On January 20, 2016, the Ministry of Finance of Vietnam issued Circular No. 14/2016/TT-BTC, which specifies accounting regime of enterprises performing political tasks.

According to Circular No. 14/2016/TT-BTC of the Ministry of Finance of Vietnam, accounting and audit regimes of enterprises performing political tasks are prescribed as follows:

- The enterprise shall make separate reports on accomplishment of political objectives according to regulations.

- The enterprise shall make and submit reports on accomplishment of political objectives together with annual financial statements to the owner’s representative agency and the finance authority at the same level.

- Enterprises have their financial statements audited, including revenues and expenditures on accomplishment of political objectives as the basis for provision of subsidies or grant of exemption or exemption of land levies, land rents, water surface rent, and preferential corporate income tax.

Besides, Circular No. 14/2016/TT-BTC also stipulates that the account system applied to enterprises shall be used.

View details at Circular No. 14/2016/TT-BTC of the Ministry of Finance of Vietnam, effective from March 07, 2016.

-Thao Uyen-

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