In 2024, what is the deadline for submitting financial statements by small and medium enterprises? In 2024, what are the penalties imposed on entities delaying the submission of financial statements?

Main Content

• In 2024, what is the deadline for submitting financial statements by small and medium enterprises in Vietnam?
• In 2024, what are the penalties imposed on entities delaying the submission of financial statements in Vietnam?
• What are actions taken by enterprises in Vietnam after submitting financial statements?

In 2024, what is the deadline for submitting financial statements by small and medium enterprises in Vietnam?

Under Clause 1, Article 80 of Circular 133/2016/TT-BTC:

Responsibility and time limit for preparing and submitting financial statement

1. Responsibility and time limit for preparing and submitting a financial statement:

a) Every small and medium enterprise shall prepare and send its financial statement within 90 days from the end of the fiscal year to relevant authorities.

b) Apart from the annual financial statement, an enterprise may prepare monthly or quarterly financial statements if necessary.

Thus, every small and medium enterprise in Vietnam shall prepare and send its financial statement within 90 days from the end of the fiscal year to relevant authorities.

In 2024, the deadline for submitting the 2023 financial statements by small and medium enterprises for the 2023 fiscal year from January 1, 2023 to December 31, 2023 is March 30, 2024.

Because March 30 and 31, 2024 are weekly breaks, the deadline for submitting the 2023 financial statements by small and medium enterprises will be the next working day which is April 1, 2024 (Based on Clause 5, Article 148 of the 2015 Civil Code)

Note: For electronic tax dossiers, even if the deadline for submitting dossiers falls on a holiday according to Article 86 of Circular 80/2021/TT-BTC, the regulations on the deadline for submitting dossiers still comply with in Article 44 of the Law on Tax Administration 2019 (Unless there are specific regulations from tax authorities).

In 2024, what are the penalties imposed on entities delaying the submission of financial statements in Vietnam?

Under Article 12 of Decree 41/2018/ND-CP, the latest penalties imposed on enterprises delaying the submission of financial statements in Vietnam are specified as follows:

Penalties for violations against regulations on submission and disclosure of financial statements

1. A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed in the following cases:

a) The financial statement is submitted less than 3 months after the specified deadline;

b) The financial statement is published less than 3 months after the specified deadline.

2. A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed in the following cases:

a) The financial statement's contents are not fully published;

b) The financial statement submitted to the competent authorities does not include the audit statement when required by law;

c) The financial statement is submitted 3 months after the specified deadline or later;

d) The published financial statement does not include the audit statement when required by law;

dd) The financial statement is published 3 months after the specified deadline or later.

Thus, depending on the number of delayed days, entities may be fined from 5,000,000 VND to 10,000,000 VND when delaying the submission of financial statements by under 03 months or from 10,000,000 VND to 20,000,000 VND when delaying the submission of financial statements by at least 03 months.

Note: This fine is applied to violating organizations, the fine imposed on individuals shall equal 1/2 of the fine (as prescribed in Clause 3, Article 6 of Decree 41/2018/ND-CP amended by Clause 2). Article 5 of Decree 102/2021/ND-CP).

What are actions taken by enterprises in Vietnam after submitting financial statements?

Article 32 of the 2015 Accounting Law stipulates the manners and deadline for publishing financial statements:

Manners and deadline for publishing financial statements

1. A financial statement shall be published in one of the following manners:

a) Publication;

b) Written notice;

c) Posting;

d) Publication on a website;

dd) Other manners prescribed by law.

2. The manners and deadlines for publishing financial statements of accounting units using state budget shall comply with regulations of law on state budget.

3. Accounting units that do not use state budget, accounting units using the people’s contributions shall publish their annual financial statements within 30 days from their submission dates.

4. Accounting units doing business shall publish their annual financial statements within 120 days from the end of the annual accounting period. Where regulations of law on securities, credit, or insurance provide for different manners and deadlines for publishing financial statements; such regulations shall apply.

Under the above regulations, after submitting the annual financial statements, the enterprises must publish financial statements within the time limit specified above.

Enterprises can publish financial statements in one or more of the following manners:

- Publication;

- Written notice;

- Posting;

- Publication on a website;

- Other manners prescribed by law.

Note: An enterprise that fails to publish or delays the publishing of its annual financial statements may also face administrative fines as prescribed in Article 12 of Decree 41/2018/ND-CP, specifically as follows:

- The financial statement is published less than 3 months after the specified deadline: A fine ranging from VND 5.000.000 to VND 10.000.000 shall be imposed;

- The financial statement is published at least 3 months after the specified deadline: A fine ranging from VND 10.000.000 to VND 20.000.000 shall be imposed;

- The financial statement is not published: A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed.