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Saturday,  Oct 21,2017,06:27 (GMT+7)

Finance Ministry relaxes conditions for accountants at micro businesses

Minh Tam
Thursday,  Oct 12,2017,18:25 (GMT+7)
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Finance Ministry relaxes conditions for accountants at micro businesses

Minh Tam

HCMC – The Ministry of Finance’s draft circular eases the conditions for accountants at micro businesses.

Micro businesses would not need to have a chief accountant. Relatives of board members (director, deputy director and chief accountant) such as parents, foster parents, children, foster children, wives, husbands, brothers and sisters can work as accountants at these entities. 

Manager, warehouse keeper, cashier or purchasing executives could also work as accountants at micro enterprises. Micro businesses would be allowed to hire people from accounting service companies to work as accountant or chief accountant.

Micro businesses have so far been forced to comply with the same accounting regulations as small and medium enterprises. This is one of the reasons that make household businesses hesitant to transform into companies.

The Ministry of Finance has also proposed simplifying a number of other procedures for micro businesses.
If the draft circular is approved, micro enterprises will have their own accounting rules in early 2018.

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