According to its response, tax payers that are small and medium-sized enterprises (including micro-sized ones) subject to accounting regulations set forth in the Circular No. 133/2016 are obliged to:
- Prepare and submit their financial statements to regulatory bodies (e.g., tax authorities, business registries and statistics agencies) by completing the relevant form and following instructions laid down in the Circular No. 133/2016 from the beginning of a financial year or after January 1, 2017.
- If these enterprises have already submitted their financial statements by adopting sample financial statements attached to the Decision No. 48/2006/QD-BTC tax authorities are responsible for requesting them to re-submit their financial statements by using the replacement form annexed to the Circular No. 133/2016.
Tax authorities will refer to the date specified in Step 1 of the first Notice in financial statements as per the Decision No. 48/2006/QD-BTC (this is the date on which tax payer’s fulfillment of its tax obligations is recorded) in order to impose administrative penalties for delay in submission of tax returns in accordance with regulations in force.
For more details, please read the Official Dispatch No. 1980/TCT-KK dated May 23, 2018 of the General Department of Taxation.
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