When is the deadline for submitting annual financial statements in Vietnam? How much is the penalty for late submission?

When is the deadline for submitting annual financial statements in Vietnam?

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

Deadline for submission of 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 parent companies, State Corporations, no later than 45 days;

- Accounting units affiliated with enterprises, State Corporations submit quarterly financial statements to the parent company or Corporation according to the time set by the parent company or Corporation.

b) Deadline for submitting annual financial statements:

- The accounting unit must submit annual financial statements no later than 30 days from the end of the annual accounting period; For parent companies, State Corporations, no later than 90 days;

- Accounting units affiliated with State Corporations submit annual financial statements to the parent company or Corporation according to the time set by the parent company or Corporation.

2. For other types of enterprises

a) Private enterprises and partnerships must submit annual financial statements no later than 30 days from the end of the annual accounting period; for other accounting units, the deadline for submitting annual financial statements is no later than 90 days;

b) Affiliated accounting units submit annual financial statements to superior accounting units according to the deadlines set by superior accounting units.

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

Responsibility, deadline for preparing and sending financial statements

1. Responsibility, deadline for preparing and sending 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 relevant authorities as prescribed.

b) In addition to preparing annual financial statements, enterprises can prepare monthly or quarterly financial statements to serve management and operational requirements of the business.

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Thus, from the above provisions, the deadline for submitting annual financial statements can be determined as follows:

- For state-owned enterprises:

+ The accounting unit must submit annual financial statements no later than 30 days from the end of the annual accounting period; For parent companies, State Corporations, no later than 90 days;

+ Accounting units affiliated with State Corporations submit annual financial statements to the parent company or Corporation according to the time set by the parent company or Corporation.

- For other types of enterprises

+ Private enterprises and partnerships must submit annual financial statements no later than 30 days from the end of the annual accounting period; for other accounting units, the deadline for submitting annual financial statements is no later than 90 days;

+ Affiliated accounting units submit annual financial statements to superior accounting units according to the deadlines set by superior accounting units.

- For small and medium enterprises:

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.

When is the deadline for submitting annual financial statements in Vietnam? How much is the penalty for late submission? (Image from the Internet)

How much is the penalty for late submission of financial statements in Vietnam?

According to Article 12 of Decree 41/2018/ND-CP, the act of late submission of financial statements is subject to administrative penalties as follows:

- submission of financial statements to competent state authorities less than 3 months late compared to the regulated deadline will be fined from 5,000,000 VND to 10,000,000 VND;

- submission of financial statements to competent state authorities 3 months or more late compared to the regulated deadline will be fined from 10,000,000 VND to 20,000,000 VND;

- If the enterprise does not submit financial statements to competent state authorities, it will be fined from 40,000,000 VND to 50,000,000 VND.

Note: The above penalties are for organizations; penalties for individuals are half of the penalties for organizations (Clause 2, Article 6 of Decree 41/2018/ND-CP as amended by Clause 2, Article 5 of Decree 102/2021/ND-CP.

Where must enterprises submit their financial statements in Vietnam?

According to Article 110 of Circular 200/2014/TT-BTC, the places for submission of financial statements are stipulated as follows:

- State-owned enterprises located within provinces or centrally-run cities must prepare and submit their financial statements to the Department of Finance of the province or centrally-run city. Central State enterprises must also submit their financial statements to the Ministry of Finance (Department of Corporate Finance).

+ Certain types of State businesses such as commercial banks, lottery companies, credit institutions, insurers, and securities companies must submit their financial statements to the Ministry of Finance (Banking Finance Department or Insurance Supervision Bureau).

+ Securities companies and public companies must submit their financial statements to the State Securities Commission and Stock Exchanges.

- Enterprises must send their financial statements to the tax authority which directly manages taxes in the locality. State Corporations must also submit their financial statements to the Ministry of Finance (General Department of Taxation).

- Enterprises with a superior accounting unit must submit financial statements to the superior accounting unit as regulated by the superior accounting unit.

- Enterprises that are required by law to audit financial statements must have them audited before submitting them. Audited financial statements must have the audit report attached when submitted to state management agencies and superior enterprises.

- Foreign-invested businesses (FDI) must submit their financial statements to the Department of Finance of the provinces or centrally-run cities where they register their main business headquarters.

- State-owned enterprises with 100% charter capital, in addition to the above-mentioned authorities where the enterprise must submit financial statements, must also submit financial statements to various bodies and organizations assigned and authorized to perform owner responsibilities as per Decree 99/2012/ND-CP and related amendment documents.

- Both domestic and foreign-invested enterprises located in export processing zones, industrial parks, or high-tech zones must submit their annual financial statements to the management of those zones if required.