When is the deadline for submission of financial statements for the first quarter of 2024? What are the penalties for late submission of financial reports in Vietnam?
Vietnam: When is the deadline for submission of financial statements for the first quarter of 2024?
Pursuant to the provisions of Article 109 of Circular 200/2014/TT-BTC, the deadline for submission of financial statements for the first quarter of 2024 is as follows:
(1) For state-owned enterprises
- Accounting unit must submit quarter financial statements at the latest 20 days from the end of the quarterly accounting period; It is at the latest 45 days for the parent companies, state-owned general companies;
For example: the first quarter accounting period of 2024 is from January 1, 2024, to March 31, 2024. The deadline for submitting financial reports for the first quarter of 2024 is April 20, 2024. For the parent company, the state-owned enterprise, the latest deadline is May 15, 2023.
Note: Since April 20, 2024 falls on a holiday, it will be moved to the next working day according to the regulations stated in Article 86 of Circular 80/2021/TT-BTC, which means it will be moved to April 22, 2024.
- accounting unit affiliated enterprises, state-owned general companies submit quarter financial statements to parent companies, general companies under the time limit set by parent companies, general companies.
(2) For other types of enterprises
Currently, the law does not require remaining enterprises to prepare quarterly financial reports. However, pursuant to the provisions at Point c, Clause 3, Article 14 of Circular 96/2020/TT-BTC, there are provisions as follows:
Periodic information disclosure
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3. Organizations that have shares listed and large-scale public companies shall disclose their quarterly financial statements or reviewed quarterly financial statements (if any).
a) Quarterly financial statements must be complete interim financial statements which are prescribed in the Accounting Standard “Interim financial statements” and prepared according to Point a Clause 1 Article 10 of this Circular;
b) The full text of the quarterly financial statements or reviewed quarterly financial statements (if any) shall be disclosed together with the review conclusions and the company's explanation in case qualified review conclusions are given to the reviewed quarterly financial statements;
c) Time limit for disclosure of quarterly financial statements
The organization that has shares listed or large-scale public company must disclose its quarterly financial statements within 20 days from the end of the quarter. The organization that has shares listed or large-scale public company must disclose its reviewed quarterly financial statements (if any) within 05 days from the day on which the audit organization signs the review report and within 45 days from the end of the quarter.
If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must disclose its quarterly financial statements within 30 days from the end of the quarter.
If the organization that has shares listed or large-scale public company has disclosed its reviewed quarterly financial statements within the prescribed time limit for disclosure of quarterly financial statements, it shall not be required to disclose its quarterly financial statements.
Thus, the organization that has shares listed or large-scale public company must disclose its quarterly financial statements within 20 days from the end of the quarter.
If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must disclose its quarterly financial statements within 30 days from the end of the quarter.
When is the deadline for submission of financial statements for the first quarter of 2024? What are the penalties for late submission of financial reports in Vietnam? (Image from the Internet)
What are the penalties for late submission of financial reports in Vietnam?
Pursuant to Article 12 of Decree 41/2018/ND-CP has the following regulations:
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.
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Thus, if there is a late submission of financial reports, the penalty amount will vary depending on the number of days delayed. The penalty can range from 5,000,000 VND to 10,000,000 VND for delays of less than 3 months. The penalty can range from 10,000,000 VND to 20,000,000 VND for delays of 3 months or more.
Which entities are recipients of financial statements in Vietnam?
Pursuant to the provisions of Article 110 of Circular 200/2014/TT-BTC, the recipients of financial statements are as follows:
- State-owned enterprises in central-affiliated cities and provinces must prepare and submit financial statement to the Service of Finance in central-affiliated cities and provinces. Central state-owned enterprises must submit financial statements to the Ministry of Finance (Department of Corporate Finance).
- State-owned enterprises such as commercial banks, lottery companies, credit institutions, insurers, securities trading companies must submit financial statements to the Ministry of Finance (Department of Banking and Finance or Administration of Insurance Supervision).
- Securities trading companies and public companies must submit financial statements to the State Securities Commission and the Stock Exchange.
- Enterprises must submit financial statements to supervisory tax authority in local. State-owned general companies must submit financial statements to the Ministry of Finance (General Department of Taxation).
- Enterprises having superior accounting units must submit financial statements to the superior accounting unit in accordance with the provisions of the superior accounting units.
- Enterprises required for financial audit by law must be audited prior to submission of financial statements in accordance with regulations. The financial statements of enterprises audited must be enclosed with the audit report when being submitted to State management agencies superior enterprises.
- The financial agency to which enterprises have foreign direct investment (FDI) must submit financial statements is the Service of Finance in central-affiliated cities and provinces where the enterprises register their main business office .
- state-owned enterprises owning 100% of the charter capital, in addition to the agencies where enterprises must submit financial statements as defined above, they must also submit financial statements to the agencies, organizations assigned, decentralized to exercise rights of owners under Decree 99/2012/ND-CP and documents amending, supplementing, replacing.
- Enterprises (including domestic enterprises and foreign-invested enterprises ) whose headquarters are in processing and exporting zones, industrial zones, hi-tech zones must also submit annual financial statements to the management board of processing and exporting zones , industrial zones , hi-tech zones if required.
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