When is the deadline for submission of financial statement 2024 in Vietnam?

Hello, Lawnet would like to answer as follows:

1. What is financial statement?

According to the provisions of Clause 1, Article 3 of the Law on Accounting 2015 on financial statement, financial statement means a system of financial information of an accounting unit demonstrated according to a form provided for by accounting standards and accounting regime.

Financial statements of an accounting unit are used for aggregating and describing its financial conditions and performance. Financial statements of an accounting unit include:

+ Financial condition statement;

+ Business performance statement;

+ Cash flow statement;

+ Note to financial statements;

+ Other statements defined by law.

(Pursuant to Article 29 of the Law on Accounting 2015)

2. When is the deadline for submission of financial statement 2024 in Vietnam?

The deadline for submission of financial statements is specifically stipulated in Article 109 of Circular 200/2014/TT-BTC as follows:

(1) For state-owned enterprises

- Deadline for submission of quarterly financial statements:

+ 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;

+ 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.

- Deadline for submission of annual financial statements:

+ Accounting unit must submit annual financial statements at the latest 30 days from the end of the annual accounting period; It is at the latest 90 days for the parent companies, state-owned general companies;

+ Accounting unit affiliated state-owned general companies submit annual financial statements to parent companies, general companies under the time limit set by parent companies, general companies.

(2) For other types of enterprises

- Accounting unit being private enterprises and partnership must submit annual financial statements at the latest 30 days from the end of annual accounting period; for other accounting units, the deadline for submission of annual financial statements is within 90 days;

- Subordinate accounting unit affiliated submit annual financial statements to superior accounting unit within the time limit given by the superior accounting units

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

According to the provisions of Article 12 of Decree 41/2018/ND-CP on penalties for violations against regulations on submission and disclosure of financial statements:

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

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

+ The financial statement is disclosed less than 3 months after the specified deadline.

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

+ The financial statement's contents are not fully disclosed;

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

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

+ The disclosed financial statement does not include the audit statement when required by law;

+ The financial statement is disclosed 3 months after the specified deadline or later.

- A fine ranging from VND 20.000.000 to VND 30.000.000 shall be imposed for in the following cases:

+ The financial statement’s figures are falsified;

+ Provide or publish financial statements which have inconsistent figures within an accounting period for use in Vietnam.

- A fine ranging from VND 40.000.000 to VND 50.000.000 shall be imposed for one of the following violations:

+ Failure to submit financial statement to the competent authorities;

+ Failure to disclose financial statements.

Thus, the penalty level for businesses submitting financial statements late is as follows:

- Fine from 5,000,000 VND to 10,000,000 VND: Submitting financial reports to competent state agencies less than 03 months late compared to the prescribed deadline.

- Fine from 10,000,000 VND to 20,000,000 VND for one of the following acts: Submitting financial reports to competent state agencies 03 months or more late than the prescribed deadline.

At the same time, the fine ranges from 40,000,000 VND to 50,000,000 VND: for failure to submit financial reports to competent state agencies.

However, this is fine for individuals. For organizations that commit the same violation, the fine is twice the fine for individuals.

Best regards!

Please Login to be able to download