Vietnam: Tax-related administrative penalties on related entities or persons shall be up to VND 16,000,000

According to Article 19 of the Decree No. 125/2020/NĐ-CP of Vietnam’s Government, tax-related administrative penalties on related entities or persons are specified as follows:

1. Fines ranging from VND 2,000,000 to VND 6,000,000 shall be imposed for the act of providing information, documents or records related to the determination of tax obligations or taxpayers' accounts upon tax authorities' request at least 05 days after expiration of the prescribed time limits.

2. Fines ranging from VND 6,000,000 to VND 16,000,000 shall be imposed for one of the following violations:

- Colluding with and shielding taxpayers evading taxes, failing to execute decisions on enforcement of tax-related administrative actions, except the act of failing to withdrawing and remitting money from taxpayers’ accounts as provided in Article 18 herein;

- Failing to provide or inaccurately providing information related to property, rights and obligations to property of taxpayers under their custody; accounts of taxpayers opened at credit institutions or state treasuries.

The amounts of fine specified in clause 1 and 2 of this Article are those imposed on entities. The amounts of fine imposed on persons shall conform to the principles prescribed in clause 5 of Article 4 herein.

Moreover, remedies shall be compelling the provision of information with respect to the acts of failing to provide or inaccurately providing information related to property, rights and obligations to property of taxpayers under their custody; accounts of taxpayers opened at credit institutions or state treasuries.

View more details at the Decree No. 125/2020/NĐ-CP of Vietnam’s Government, effective from December 05, 2020.

Thuy Tram

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE