Vietnam: Time limit for imposition of penalties for administrative violations in the field of accounting and auditing

15:55, 18/09/2018

On March 12, 2018, the Government of Vietnam issued the Decree No. 41/2018/NĐ-CP on penalties for administrative violations in the fields of accounting and independent audit.

It is clearly specified in Decree No. 41/2018/NĐ-CP of Vietnam’s Government that:

- The time limit for imposition of penalties for administrative violations in the field of accounting is 2 years.

- The time limit for imposition of penalties for administrative violations in the field of independent audit is 1 year.

Time limits for imposition of penalties for administrative violations in the field of accounting and independent audit are as follows:

- For completed administrative violations, the time limit starts on the time of completion of that violation;

- For ongoing administrative violations, the time limit starts on the time of discovery of that violation;

- In case of penalties for administrative violations committed by individuals being transferred from presiding authorities, the time limit shall be determined in accordance with Clauses 1, 2 and 3 of Article 3 of this Decree. The time the presiding authority spends on handling the case counts towards the time limit.

- During the period specified above, if the violator deliberately evades or obstructs the penalty imposition, the time limit will be reset to the date on which the violator stops evading or obstructing the penalty imposition.

Decree No. 41/2018/NĐ-CP of Vietnam’s Government comes into effect from May 01, 2018.

-Thao Uyen-

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