Vietnam: Incompletely providing information about the determination of tax obligations shall be fined up to VND 5,000,000

According to Article 14 of the Decree No. 125/2020/NĐ-CP of Vietnam’s Government, penalties for violations against regulations on the provision of information about the determination of tax obligations are specified as follows:

1. Fines ranging from VND 2,000,000 to VND 3,000,000 shall be imposed for one of the following violations:

- Providing statutory information, documents and records related to tax registration according to notifications issued by tax authorities at least 05 working days after expiration of the prescribed time limits;

- Providing statutory accounting information, documents and records related to the determination of tax obligations according to notifications issued by tax authorities at least 05 working days after expiration of the prescribed time limits.

2. Fines ranging from VND 3,000,000 to VND 5,000,000 shall be imposed for one of the following violations:

- Failing to provide, or incompletely or inaccurately providing, information, documents, records, invoices or accounting books related to the determination of tax obligations; incompletely or inaccurately providing account numbers, balances of deposit accounts, checking accounts for competent authorities upon their request;

- Failing to provide, or incompletely or wrongly providing, information or data related to tax obligations of which registration must be made under regulations on condition that this act does not result in any reduction in tax obligations to the state budget;

- Failing to provide, or incompletely or inaccurately providing, information, documents related to deposit accounts, checking accounts opened at credit institutions, state treasuries, or debts of related third parties, for competent tax authorities upon their request.

View more details at the Decree No. 125/2020/NĐ-CP of Vietnam’s Government, effective from December 05, 2020.

Thuy Tram

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