How much is the fine imposed in the case of late submission of financial statements in Vietnam? How much is the fine imposed in the case of failure to submit financial statement to the competent authorities?
- How much is the fine imposed in the case of late submission of financial statements in Vietnam?
- How much is the fine imposed in the case of failure to submit financial statement to the competent authorities in Vietnam?
- What are the responsibilities for preparing consolidated financial statements in Vietnam?
How much is the fine imposed in the case of late submission of financial statements in Vietnam?
Pursuant to Article 12 of Decree 41/2018/ND-CP stipulates:
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 disclosed 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 disclosed;
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 disclosed financial statement does not include the audit statement when required by law;
dd) The financial statement is disclosed 3 months after the specified deadline or later.
3. A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for in the following cases:
a) The financial statement’s figures are falsified;
b) Provide or publish financial statements which have inconsistent figures within an accounting period for use in Vietnam.
4. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for one of the following violations:
a) Failure to submit financial statement to the competent authorities;
b) Failure to disclose financial statements.
5. Remedial measure:
Submit and disclose the audit statement attached to the financial statement mentioned in Points b and d, Clause 2 of this Article.
Accordingly, penalties for late submission of financial statements are regulated as follows:
Submitting financial statement less than 3 months after the specified deadline: fine from 5,000,000 VND to 10,000,000 VND
Submitting financial statement 3 months after the specified deadline: 10,000,000 VND to 20,000,000 VND
This fine is applied to organizations. For individuals, the fine is equal to 1/2.
How much is the fine imposed in the case of late submission of financial statements in Vietnam? How much is the fine imposed in the case of failure to submit financial statement to the competent authorities?
How much is the fine imposed in the case of failure to submit financial statement to the competent authorities in Vietnam?
Pursuant to Clause 4, Article 12 of Decree 41/2018/ND-CP stipulates:
Penalties for violations against regulations on submission and disclosure of financial statements
...
4. A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for one of the following violations:
a) Failure to submit financial statement to the competent authorities;
b) Failure to disclose financial statements.
Thus, if the competent authority discovers that an enterprise does not submit financial reports according to regulations, the violator may be fined from 40,000,000 VND to 50,000,000 VND.
This fine is applied to organizations and individuals who violate the fine, the fine is equal to 1/2.
What are the responsibilities for preparing consolidated financial statements in Vietnam?
Pursuant to Article 5 of Circular 202/2014/TT-BTC stipulates this content as follows:
Responsibilities for preparing consolidated financial statements
1. At the end of the accounting period, the parent company is responsible for preparing consolidated financial statements for the entire group, as follows:
a) If the parent company is a publicly listed organization, a large-scale public company, or a state-owned company, it must prepare full-year consolidated financial statements and semi-annual consolidated financial statements in complete form, as well as summarized quarterly consolidated financial statements (full-form consolidated financial statements may be prepared if necessary).
b) For parent companies that do not fall under the categories mentioned in point a:
- Full-year consolidated financial statements must be prepared;
- It is encouraged to prepare either full-form or summarized consolidated financial statements for interim periods (if necessary).
- The parent company is not required to prepare consolidated financial statements if it meets all of the following conditions:
a) The parent company is not a public interest entity;
b) The parent company is not owned by the state or controlled by state-held shares;
c) The parent company is simultaneously a subsidiary of another company, and the decision not to prepare consolidated financial statements has been approved by the shareholders, including those without voting rights;
d) The parent company's equity securities or debt securities are not traded on the market (including domestic and foreign markets, over-the-counter markets, local markets, and regional markets);
e) The parent company does not prepare or is not in the process of submitting documents to the competent authority for permission to issue financial instruments to the public;
f) The company that owns the parent company prepares consolidated financial statements for the purpose of public disclosure in accordance with Vietnamese Accounting Standards.
Therefore, at the end of the accounting period, the parent company is responsible for preparing consolidated financial statements for the entire group (except in cases where the conditions for not preparing consolidated financial statements specified in Section 2, Article 5 of Circular 202/2014/TT-BTC are met), as follows:
- If the parent company is a publicly listed organization, a large-scale public company, or a state-owned company, it must prepare full-year consolidated financial statements and semi-annual consolidated financial statements in complete form, as well as summarized quarterly consolidated financial statements (full-form consolidated financial statements may be prepared if necessary).
- For parent companies that do not fall under the categories mentioned above:
+ Full-year consolidated financial statements must be prepared;
+ It is encouraged to prepare either full-form or summarized consolidated financial statements for interim periods (if necessary).
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