What is the deadline for submitting the financial statement in Vietnam for the year 2024? Will there be penalties for failing to submit financial statements?

What is the deadline for submitting the financial statement in Vietnam for the year 2024?

According to Article 109 of Circular 200/2014/TT-BTC, the deadline for submitting financial statements is as follows:

Deadline for Submitting Financial Statements

1. For State-owned enterprises

a) Deadline for submitting quarterly financial statements:

- The accounting unit must submit the quarterly financial statements no later than 20 days from the end of the quarterly accounting period; for the parent company and State General Corporation, no later than 45 days;

- The accounting unit under the enterprise, State General Corporation submits quarterly financial statements to the parent company, General Corporation within the deadline set by the parent company, General Corporation.

b) Deadline for submitting annual financial statements:

- The accounting unit must submit the annual financial statements no later than 30 days from the end of the annual accounting period; for the parent company, State General Corporation no later than 90 days;

- The accounting unit under the State General Corporation submits the annual financial statements to the parent company, General Corporation within the deadline set by the parent company, General Corporation.

2. For other types of enterprises

a) The accounting unit that is a private enterprise and partnership company must submit the annual financial statements no later than 30 days from the end of the annual accounting period; for other accounting units, the deadline is no later than 90 days;

b) The accounting unit under another must submit the annual financial statements to the superior accounting unit within the deadline set by the superior accounting unit.

Additionally, Clause 1, Article 80 of Circular 133/2016/TT-BTC stipulates the deadline for submitting financial statements for small and medium enterprises as follows:

Responsibility, deadline for preparing and submitting financial statements

1. Responsibility, deadline for preparing and submitting financial statements:

a) 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 the relevant agencies as prescribed.

b) In addition to preparing annual financial statements, enterprises may prepare monthly, quarterly financial statements to fulfill management and operational production and business requirements of the enterprise.

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Thus, the deadline for submitting the financial statement for the year 2024 by enterprises is as follows:

- For State-owned enterprises:

+ The accounting period for the year 2024 is January 1, 2024 - December 31, 2024, so the deadline for submitting the financial statement for the year 2024 for State-owned enterprises is no later than 30 days from the end of the annual accounting period, i.e., by January 30, 2025; for the parent company, General Corporation no later than 90 days, i.e., by March 30, 2025.

+ The accounting unit under the State General Corporation submits the annual financial statements to the parent company, General Corporation within the deadline set by the parent company, General Corporation.

- For other types of enterprises:

+ The accounting period for the year 2024 is January 1, 2024 - December 31, 2024, so the deadline for submitting the financial statement for the year 2024 for private enterprises and partnership companies is no later than 30 days, i.e., by January 30, 2025, and for other accounting units no later than 90 days, i.e., by March 30, 2025.

+ The accounting unit under another must submit the annual financial statements to the superior accounting unit within the deadline set by the superior accounting unit.

- For small and medium enterprises:

The accounting period for the year 2024 is January 1, 2024 - December 31, 2024, so the deadline for submitting the financial statement for the year 2024 for small and medium enterprises is 90 days from the end of the fiscal year, i.e., by March 30, 2025.

What is the deadline for submitting the financial statement in Vietnam for the year 2024? Will there be penalties for failing to submit financial statements? (Image from the Internet)

Are there penalties for failing to submit financial statements in Vietnam?

According to Clause 4, Article 12 of Decree 41/2018/ND-CP, the regulations are as follows:

Penalties for violations of regulations on submitting and publicizing financial statements

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

a) Disclosing information and data in financial statements falsely;

b) Providing, publishing financial statements to be used in Vietnam with inconsistent data in an accounting period.

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

a) failing to submit financial statements to competent state authorities;

b) Not publicizing financial statements as prescribed.

5. Measures to rectify the consequences:

Compulsory submission and publicizing of audit reports attached to financial statements for violations of regulations pursuant to point b, d of Clause 2 of this Article.

According to the above regulations, the act of failing to submit financial statements will be subject to an administrative fine ranging from 40,000,000 VND to 50,000,000 VND.

Note: The above-mentioned penalty is applicable to organizations; the penalty applicable to individuals is half of that imposed on organizations.

Vietnam: What does the content of publicizing financial statements include?

According to Article 31 of the Accounting Law 2015, the publicizing of reports includes the following contents:

- Accounting units using the state budget publicize information on the receipt, expenditure of the state budget as prescribed by the Law on State Budget.

- Accounting units not using the state budget publicize the settlement of annual financial revenue and expenditure.

- Accounting units using people's contributions publicize the purpose of mobilizing and using contributions, contributors, mobilization level, usage outcomes, and revenue-expenditure settlement for each contribution.

- Accounting units engaged in business operations publicize the following:

+ Asset status, liabilities, and owner's equity;

+ Operational business results;

+ Setting up and using reserves;

+ Employee income;

+ Other contents as prescribed by law.

- Financial statements of accounting units required by law to undergo auditing must be published with the audit report of the auditing organization.