Businesses operating below the tax threshold are still required to record revenue.

The Ministry of Finance has just issued Circular No. 152/2025 guiding accounting for household and individual businesses. The Circular takes effect from January 1, 2026, replacing Circular No. 88/2021 on this matter. Reporters from Khanh Hoa Newspaper and Radio and Television had an interview with Mr. Nguyen Ngoc Tu, Head of the Provincial Tax Department, regarding some notable points of Circular No. 152.

- Could you please tell us what Circular No. 152 stipulates regarding the representative responsible for recording accounting entries and the retention period for accounting documents?

Mr. Nguyen Ngoc Tu - Head of the Provincial Tax Department.

Previously, according to Circular No. 88, households and individual businesses could choose to apply the micro-enterprise accounting system to suit their management needs and production and business characteristics. However, Circular No. 152 abolished this regulation; it also clarifies that the representative of the household business can keep accounting records themselves, or appoint an accountant, or hire accounting services; they can appoint their biological father, biological mother, adoptive father, adoptive mother, spouse, biological child, adopted child, or siblings as accountants, or appoint a manager, operator, warehouse keeper, cashier, or person regularly assigned to buy and sell assets to also act as accountant for the household business.

Circular No. 152 also clearly stipulates the retention period for accounting documents. Business households can choose to store accounting documents (invoices, accounting vouchers, accounting books, etc.) electronically or in paper form. The minimum retention period for accounting documents is 5 years; for invoices, the retention period is governed by tax laws. In addition to the accounting books guided in this circular, business households may add more accounting books or modify the forms of existing accounting books to suit their needs. The newly opened or modified accounting books must still contain the full information of the business household's representative.

- Do household businesses that are not subject to value-added tax and are not required to pay personal income tax need to record their revenue, sir?

- According to Article 4 of Circular No. 152, households and individuals engaged in business with annual revenue of VND 500 million or less are not subject to Value Added Tax (VAT) and are also exempt from Personal Income Tax (PIT). However, this group must still use a detailed sales revenue ledger for goods and services according to the prescribed form to record PIT.

This ledger is opened to record sales revenue of goods and services as a basis for declaration and to determine whether the business household is subject to Value Added Tax (VAT) and Personal Income Tax (PIT) according to regulations. If the business household declares revenue according to tax laws, this ledger can be used to track and compare data with the tax authorities.

- In the case of a household business subject to taxation, what are the regulations regarding accounting documents, sir?

- In cases where business households pay VAT and personal income tax as a percentage of revenue, the accounting documents used are invoices and other supporting documents to determine and declare revenue as prescribed. Business households use a sales revenue ledger for goods and services according to the prescribed form to record revenue; this reflects revenue according to each category of business activities with the same percentage for calculating VAT or the same tax rate for calculating personal income tax.

In cases where a business household has multiple different business sectors, this ledger can be opened for each sector with the same percentage rate for calculating VAT or the same tax rate for calculating personal income tax. If the tax authorities provide VAT and personal income tax payment data, the business household uses this ledger to track and reconcile the tax payable with the tax authorities.

In cases where business households pay VAT at a percentage rate on revenue and personal income tax on taxable income, the accounting documents are invoices, purchase lists of goods and services (if the business household purchases goods and services from sellers without VAT invoices or sales invoices), and other accounting documents as a basis for determining revenue and taxable income according to regulations. Accordingly, these entities must use a complete system of four accounting books as prescribed in the circular, including: a book of revenue from the sale of goods and services; a detailed book of revenue and expenses; a detailed book of materials, tools, products, and goods; and a detailed book of cash.

In cases where a business household's activities are subject to other specific taxes such as export tax, import tax, special consumption tax, resource tax, environmental protection tax, land use tax, it should use an additional register for tracking specific tax obligations to fully record and monitor all arising tax obligations.

- How has the Provincial Tax Department implemented Circular No. 152 for business households and individuals, sir?

- In implementing Circular No. 152 of the Ministry of Finance , the Provincial Tax Department has proactively developed a plan and widely disseminated information and guidance to households and individual businesses in the area through various forms such as: written documents, electronic portals, training conferences, and dialogues. At the same time, it has directed local tax offices to directly guide and answer questions for households and individual businesses during the implementation process. The dissemination content focuses on clarifying new regulations on accounting, bookkeeping, document retention, application dates, as well as the rights and obligations of households and individual businesses. This contributes to enhancing transparency in tax management, creating conditions for households and individual businesses to comply with the law; and improving the effectiveness of state tax management in the area.

Thank you, sir!

C. VAN (Reporter)

Source: https://baokhanhhoa.vn/kinh-te/tai-chinh-ngan-hang/202601/ho-kinh-doanh-duoi-nguong-chiu-thue-van-phai-ghi-chep-doanh-thu-dba1c2a/