Mr. Tran Thai Tuyen's company is transitioning from using the Vietnamese Dong (VND) to the US Dollar (USD) starting from January 1, 2023. According to Article 7 of Circular 200/2014/TT-BTC, it is stipulated that "Enterprises must notify the directly managing tax authority of the change in accounting currency unit no later than 10 working days from the end of the accounting year."

Mr. Tuyen inquired whether his company can notify the tax authority of the change in accounting currency unit no later than 10 working days from December 31, 2023.

The Ministry of Finance responds to this matter as follows:

In Article 12, Clause 1 of the Accounting Law No. 88/2015/QH13, it is stipulated:

"The accounting year is 12 months, calculated from the beginning of January 01 to the end of December 31 in the Gregorian calendar. Accounting units with specific organizational and operational characteristics may choose a fiscal year of 12 full months according to the Gregorian calendar, starting from the beginning of the first quarter to the end of the last day of the quarter before the following year and must notify the financial authorities, tax authorities."

In Article 7 of Circular No. 200/2014/TT-BTC dated December 22, 2014, guiding the accounting regime for enterprises, it is stated:

"In case of significant changes in management and business activities leading to the currency unit used in economic transactions no longer meeting the standards stated in Clauses 2 and 3 of this Circular, the enterprise is allowed to change the accounting currency unit. The change from one accounting currency unit to another accounting currency unit can only be carried out at the beginning of a new accounting year. Enterprises must notify the directly managing tax authority of the change in accounting currency unit no later than 10 working days from the end of the accounting year."

Accordingly, based on the fiscal year of the enterprise, in the case where the fiscal year of the enterprise starts from January 1 and ends on December 31 in the Gregorian calendar, after converting the currency unit from VND to USD (January 1, 2023), the enterprise must notify the directly managing tax authority no later than 10 working days from December 31, 2023.

In the case where the fiscal year of the enterprise does not start from January 1, based on the specific nature of the enterprise's fiscal year, the enterprise must notify the directly managing tax authority of the change in accounting currency unit no later than 10 working days from the end of that accounting fiscal year.