How much is the fine for enterprises failing to submit financial statements in Vietnam?

How much is the fine for enterprises failing to submit financial statements in Vietnam?

Based on point a, clause 4, Article 12 of Decree 41/2018/ND-CP which regulates sanctioning actions violating regulations on submitting and publicly releasing financial statements as follows:

Sanctions for Violations of Regulations on Submitting and Publicizing Financial Statements

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3. A fine ranging from 20,000,000 VND to 30,000,000 VND shall be imposed for one of the following acts:

a) Publicly releasing false information and figures of financial statements;

b) Providing and publishing financial statements for use in Vietnam with inconsistent figures in one accounting period.

4. A fine ranging from 40,000,000 VND to 50,000,000 VND shall be imposed for one of the following acts:

a) Failing to submit financial statements to the competent state authority;

b) Failing to publicize financial statements as prescribed.

5. Remedial measures:

Compulsory submission and publicizing of audited reports attached to financial statements for violations specified in point b, d, clause 2 of this Article.

According to the above regulation, if an enterprise fails to submit financial statements to the competent state authority, it shall be fined from 40,000,000 VND to 50,000,000 VND.

Note: The above penalty level is applicable to organizations, and the fine level for individuals is half that of organizations (based on clause 1, Article 6 of Decree 41/2018/ND-CP as amended by clause 2, Article 5 of Decree 102/2021/ND-CP).

How much is the fine for enterprises failing to submit financial statements in Vietnam? (Image from the Internet)

Vietnam: What does the financial statements of enterprises include?

Based on Article 100 of Circular 200/2014/TT-BTC regulating the financial statement system of enterprises as follows:

The Financial Statement system includes annual financial statements and interim financial statements. Specifically, the annual and interim financial statements are as follows:

(1) Annual Financial Statements include:

- Balance sheet: Form No. B 01 - DN Download

- Income statement: Form No. B 02 - DN Download

- Cash flow statement: Form No. B 03 - DN Download

- Notes to the Financial Statements: Form No. B 09 - DN Download

(2) Interim Financial Statements:

- Full interim financial statements include:

+ Interim balance sheet: Form No. B 01a – DN Download

+ Interim income statement: Form No. B 02a – DN Download

+ Interim cash flow statement: Form No. B 03a – DN Download

+ Selected notes to the financial statements: Form No. B 09a – DN Download

- Summary interim financial statements include:

+ Interim balance sheet: Form No. B 01b – DN Download

+ Interim income statement: Form No. B 02b – DN Download

+ Interim cash flow statement: Form No. B 03b – DN Download

+ Selected notes to the financial statements: Form No. B 09a – DN Download

Note: Indicators with no data are exempt from presentation on the Financial Statements, and enterprises should renumber the indicators of the Financial Statements according to the principle of continuity in each section.

What is the deadline for enterprise financial statement submission in Vietnam?

According to Article 109 of Circular 200/2014/TT-BTC providing regulations on the deadline for enterprise financial statement submission as follows:

(1) For State Enterprises

- Deadline for quarterly financial statements submission:

+ The accounting unit must submit quarterly financial statements no later than 20 days from the end of the accounting quarter; for the parent company, state-owned corporation, no later than 45 days;

+ The accounting unit under the enterprise, state-owned corporation submits quarterly financial statements to the parent company, corporation according to the deadline set by the parent company, corporation.

- Deadline for annual financial statements submission:

+ The accounting unit must submit annual financial statements no later than 30 days from the end of the fiscal year; for the parent company, state-owned corporation, no later than 90 days;

+ The accounting unit under the state-owned corporation submits annual financial statements to the parent company, corporation according to the deadline set by the parent company, corporation.

(2) For Other Types of Enterprises

- Accounting units that are private enterprises and partnerships must submit annual financial statements no later than 30 days from the end of the fiscal year; for other accounting units, the deadline for submission of annual financial statements is no later than 90 days;

- Subordinate accounting units submit annual financial statements to the upper-level accounting unit according to the deadline set by the upper-level unit.

Additionally, for small and medium enterprises, the deadline for financial statement submission is regulated in clause 1, Article 80 of Circular 133/2016/TT-BTC as follows:

- All small and medium enterprises must prepare and submit annual financial statements no later than 90 days from the end of the fiscal year to relevant authorities as prescribed.

- In addition to preparing annual financial statements, enterprises may prepare monthly and quarterly financial statements to meet management and operational requirements.