Public non-business units permitted to apply business accounting regime
General Department of Vietnam Customs signed a record of discussion with Samsung SDS | |
What are conditions to do business on public rental properties? |
Both administrative units and non-business units must use the same forms of mandatory accounting documents |
Accordingly, public non-business units who cover their recurrent expenditures and capital expenditures are permitted to apply the business accounting regime. If these units carry out the State’s orders or receive non-refundable foreign aids or have deductible fund or reserve fund, they have to make a final settlement report.
For accounting documents, administrative units and public non-business units must use the same forms of mandatory accounting documents prescribed in this Circular. The units are forbidden to modify the forms of the mandatory types.
Apart from mandatory accounting documents, administrative units and public non-business units may themselves design other documents to reflect the arising economic operations. Self-designed forms must satisfy at least 7 contents specified in Article 16 of the Accounting Law.
Regarding accounting book, the units must open this book to record, synthetize and save all arising economic and financial operations related to the accounting units. if the units receive and use the allocated State budget; foreign aid and loans; deductible fund or reserve fund , they must open a private accounting book to follow.
Each accounting unit shall use a private system of accounting books for an annual accounting period, including general accounting books and detailed accounting books. Depending on the accounting type that the unit applies, the unit shall have to open a general accounting books and detail accounting books and fully comply with the contents, order and recording method of each type.
The budget accounting books, deductible fees are presented in detail according to the state budget index. Accounting books shall monitor the receipt and use of foreign aid and loans presented in detail according to the state budget index, which is a basis for making final settlement reports according to the provisions of this Circular and at the requests of the sponsors.
Accounting books must be opened at the beginning of the annual accounting period or immediately after the decision on establishment and operation of the accounting unit is issued. Accounting books shall be opened at the beginning of the new fiscal year to transfer the balances from the previous accounting books to the new ones and write new economic and financial operations arising in the new year from 1 January of the new fiscal year.
Criteria for transforming public non-business units into joint-stock companies VCN- The Prime Minister has just promulgated the criteria and list of branches and domains to transform ... |
Data on accounting books on receipt and use of state budget after 31 December is transferred from this year's account to the account of the next year’s account in order to continue monitoring data arising in the period of settlement adjustment, to make final settlement report of the State budget according to regulations. In addition, the unit also opened more detailed accounting books according to its own management requirements.
The above provisions will apply from 1 November 2018.
Related News
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
The Tax sector’s revenue collection reached 33% of current appropriation
10:50 | 15/04/2024 Finance
Promote the implementation of audit recommendations to prevent violations in public financial management
10:03 | 08/04/2024 Finance
Revenue from casino contributes about VND9,000 billion to the State budget
09:54 | 20/03/2024 Finance
Latest News
Seafood exporters are worried about some inadequacies from the two new decrees
06:47 | 30/04/2024 Regulations
Risk prevention solutions for processing and export manufacturing businesses
07:52 | 29/04/2024 Regulations
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
More News
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations
09:31 | 10/04/2024 Regulations
Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th
20:09 | 07/04/2024 Regulations
Improving the customs legal system to be modern, synchronous, unified and transparent
10:33 | 07/04/2024 Regulations
New points about rules of origin in AKFTA
08:05 | 03/04/2024 Regulations
It is necessary to build a national database on cross-border trade and transport
15:23 | 29/03/2024 Regulations
Removing difficulties in tax exemption and refund policies for export processing enterprises
14:48 | 27/03/2024 Regulations
Reviewing the list of scrap that is temporarily suspended from temporary import and re-export business
15:41 | 24/03/2024 Regulations
New law expected to boost financial leasing
14:05 | 22/03/2024 Regulations
Your care
Seafood exporters are worried about some inadequacies from the two new decrees
06:47 | 30/04/2024 Regulations
Risk prevention solutions for processing and export manufacturing businesses
07:52 | 29/04/2024 Regulations
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff
09:09 | 11/04/2024 Regulations