Tax and accounting guide for newly established businesses 2026

Immediately after receiving the Enterprise Registration Certificate, to be “recognized” by the tax system and operate legally, you must strictly follow these steps:

• Digital Signature: This is mandatory for filing tax returns, signing electronic invoices, and submitting social insurance declarations online.
• Bank Account: The enterprise must open a bank account in the company’s name. Although submitting Form 08 to the tax authority is no longer required, you must update this account information on the National Business Registration Portal and the Electronic Tax System (thuedientu.gdt.gov.vn) to facilitate electronic tax payments.

Enterprises use Form 01-DK-TCT (Issued under Circular 86/2024/TT-BTC) to register initial tax information if there are any changes or additions compared to the business registration dossier.

• Obligation: Businesses established from January 2026 onwards are NOT required to submit a license fee declaration and are NOT required to pay this fee annually.
• This is a major administrative reform aimed at reducing the cost burden for businesses entering the market.

Enterprises are mandatorily required to use electronic invoices (E-invoices) in accordance with Decree 123/2020/ND-CP (still the core regulation) and supplementary guidelines in Circular 18/2026/TT-BTC (for specific cases related to household businesses converting to enterprises or retail).

• Procedure: Submit the Registration Form for E-invoice usage (Form No. 01/DK-HDDT) via the General Department of Taxation’s portal.
• Important Note: Retail and F&B businesses must implement E-invoices generated from cash registers to ensure direct data connection with tax authorities.

From January 1, 2026, the legal framework for accounting has undergone significant changes with the introduction of Circular 99/2025/TT-BTC. Newly established businesses need to select an appropriate accounting regime right from the start:

1. Circular 99/2025/TT-BTC (New – Effective Jan 1, 2026): Guides the Corporate Accounting Regime (partially replacing Circular 200). This is a modern standard, approaching International Financial Reporting Standards (IFRS), suitable for foreign-invested or large-scale enterprises.
2. Circular 133/2016/TT-BTC: Remains effective for Small and Medium Enterprises (SMEs). This is a simplified accounting regime, suitable for the majority of domestic startups.

Enterprises must register their applied accounting regime with the tax authority or clearly state it in the notes to the financial statements of the first period.

• Declaration Period: Newly established enterprises declare VAT on a Quarterly basis.
• Deadline: No later than the last day of the first month of the following quarter (e.g., Q2/2026 deadline is July 31, 2026).
• Note: Even if no revenue is generated, the enterprise must still submit a “nil” return.

Enterprises make provisional CIT payments quarterly (no quarterly declaration required).

• Special 2026 Incentive: According to Decree 20/2026/ND-CP, innovative startups and SMEs newly established in incentivized areas may be eligible for a CIT exemption for the first 3 years. You need to carefully check industry conditions to utilize this incentive.
• Provisional Payment Rule: The total provisional CIT paid for the 4 quarters must not be less than 80% of the final tax liability upon annual finalization.
• Guiding Documents: Circular 20/2026/TT-BTC and Decree 320/2025/ND-CP.

Enterprises are responsible for withholding and remitting Personal Income Tax (PIT) on behalf of their employees.

• If no income payment occurs during the month or quarter, the submission of tax declarations is not required (except for the annual tax finalization).
• Note on Family Deductions: Ensure the latest statutory family relief rates are applied in accordance with current regulations to guarantee accurate calculations for employees.

Within 30 days of signing a labor contract, the enterprise must register for Social Insurance participation for the employee.

• Compliance is based on the Social Insurance Law and the latest 2026 guidelines regarding contribution rates and the base salary.
• Establish the salary scale, internal labor regulations, and the collective labor agreement (if applicable).

This is the most critical period for accountants. The enterprise must submit:

• Annual Financial Statements.
• Corporate Income Tax (CIT) Finalization Return.
• Personal Income Tax (PIT) Finalization Return.
• Report on the Use of Invoices (if specifically required).
  Deadline: The last day of the 3rd month following the end of the calendar year or fiscal year.

1. Invoice Trading: Absolutely refrain from purchasing “fictitious” invoices to justify expenses. Tax authorities now utilize AI to analyze invoice chains, making the detection of violations highly efficient.
2. Ineligible Expenses: Expenses that are not related to business operations or lack non-cash payment documents (for invoices exceeding 20 million VND) will be excluded during CIT finalization.
3. Failure to Notify Changes: Any changes regarding business address, charter capital, or the legal representative must be updated promptly with the regulatory authorities.

During the initial establishment phase (April 2026), legal stability serves as the foundation for growth. Do not let minor administrative errors result in unnecessary penalties. If the enterprise has not yet appointed a Chief Accountant, consider utilizing reputable tax and accounting services to ensure full compliance with the latest regulations mentioned above.