What is the deadline for enterprises in Vietnam to submit financial statements for 2023? What are the penalties for late submission?
What is the deadline for enterprises in Vietnam to submit the financial statements for 2023?
Based on Article 109 of Circular 200/2014/TT-BTC, the regulations are 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 accounting quarter; For the parent company, State Corporation no later than 45 days;
- The accounting unit under the enterprise, State Corporation submits the quarterly financial statements to the parent company, and State Corporation according to the deadline prescribed by the parent company, and State 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 accounting year; For the parent company, State Corporation no later than 90 days;
- The accounting unit under the State Corporation submits the annual financial statements to the parent company, and State Corporation according to the deadline prescribed by the parent company, and State Corporation.
2. For other types of enterprises
a) The accounting unit of a private enterprise and partnership must submit the annual financial statements no later than 30 days from the end of the accounting year; for other accounting units, the deadline for submitting annual financial statements is no later than 90 days;
b) The accounting unit under the enterprise submits the annual financial statements to the superior accounting unit according to the deadline prescribed by the superior accounting unit.
Meanwhile, pursuant to Clause 1, Article 80 of Circular 133/2016/TT-BTC, the regulation is as follows:
Responsibility and deadline for preparing and submitting financial statements
1. Responsibility and deadline for preparing and submitting financial statements:
a) All small and medium-sized 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 can prepare monthly and quarterly financial statements to serve the management and operational requirements of the enterprise.
Depending on the scale and type of enterprise, the deadline for submitting financial statements is carried out according to the above regulations.
What is the deadline for enterprises in Vietnam to submit financial statements for 2023? What are the penalties for late submission?
What are the penalties for late submission of financial statements to the competent authority in Vietnam?
Based on Article 12 of Decree 41/2018/ND-CP, the regulations are as follows:
Penalties for violations regarding submission and public disclosure of financial statements
1. Fines from 5,000,000 VND to 10,000,000 VND for one of the following acts:
a) Submitting financial statements to the competent state agency late by less than 03 months compared to the prescribed deadline;
b) Publicly disclosing financial statements late by less than 03 months compared to the prescribed deadline.
2. Fines from 10,000,000 VND to 20,000,000 VND for one of the following acts:
a) Publicly disclosing financial statements not fully as per regulations;
b) Submitting financial statements to the competent state agency without attaching the audit report in cases where the law requires the financial statement to be audited;
c) Submitting financial statements to the competent state agency late by 03 months or more compared to the prescribed deadline;
d) Publicly disclosing financial statements without attaching the audit report in cases where the law requires the financial statement to be audited;
dd) Publicly disclosing financial statements late by 03 months or more compared to the prescribed deadline.
3. Fines from 20,000,000 VND to 30,000,000 VND for one of the following acts:
a) Providing false information and data in publicly disclosed financial statements;
b) Providing and disclosing financial statements for use within Vietnam with inconsistent data in the same accounting period.
If the accountant submits the financial statement late to the competent authority, the following penalties may apply:
Submitting financial statements to the competent state agency late by less than 03 months: fine from 5,000,000 VND to 10,000,000 VND
Submitting financial statements to the competent state agency late by 03 months or more: fine from 10,000,000 VND to 20,000,000 VND
These penalties apply to individuals, and for organizations that violate, the penalty will be twice that for individuals.
How much is the penalty for not submitting financial statements?
Based on Clause 4, Article 12 of Decree 41/2018/ND-CP, the regulations are as follows:
Penalties for violations regarding submission and public disclosure of financial statements
...
4. Fines from 40,000,000 VND to 50,000,000 VND for one of the following acts:
a) Not submitting financial statements to the competent state agency;
b) Not publicly disclosing financial statements as prescribed.
Therefore, if the competent authority discovers that the enterprise does not submit financial statements as prescribed, the violator may be fined from 40,000,000 VND to 50,000,000 VND.
These penalties apply to individuals, and for organizations that violate, the penalty will be twice that for individuals.
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